FHA and Refi Share Down as Conv, Purchase Share Up
As refinance share fell to a new low last month, more loans in process closed. Turnaround lengthened by a day, and government-insured share fell over the past year as conventional share rose.
Jumbo Lending Lots Looser as Lenders Fight for Biz
Residential lenders relaxed credit requirements last month to the most flexible level since January. Driving the improvement were ambitious lenders fighting for jumbo business.
Dodd-Frank Rollback Raises Risk for Non-Banks
Recently enacted legislation to roll back some of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act is likely to have a negative impact on non-bank home lending.
New Low for Refi Share as Lending Tightens
As the share of conventional business has grown at the expense of government-insured business over the past year, lending risk tightened and refinance share fell to a new low.
Credit Standards Ease as Refi Demand Diminished
As refinances continue to diminish, home lenders continue to relax credit standards. With the ongoing outlook for profits still weak, firms are feeling pressure to cut staffing.
Mortgage Credit Eases 1st Time in 4 Months
For the first time in four months, home lenders eased up on credit conditions. Leading the loosening were jumbo mortgage lenders.
Fewer Consumers File Bankruptcy Last Month
On both a month-over-month basis and a year-over-year basis, the number of consumers who resorted to the bankruptcy courts last month moved lower.
Mortgages Erroneously Reported as Delinquent
Residential loans were mistakenly reported as past due to the credit bureaus as a result of a technology glitch resulting from a test transmission.
Home Lenders Take More Risks as Originations Fall
Quarterly home-lending activity slowed from three months earlier and a year earlier. As production moved lower, lenders took more risk on new originations.
Refi Share Deflates as Rates Inflate
As mortgage rates pushed higher, monthly refinance share continued to deflate. Compared to a year ago, conventional share grew at the expense of government share.