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Tag Archives: Mortgage Applications

2011 Lending Data Reveals Declining Conventional, FHA Activity

The data showed that the total number of originated loans of all types and purposes fell by about 780,000 - 10 percent - from 2010 to 2011, partly because of a 13 percent decline in refinancings. The overall drop in refinancings was the result of declines in conventional and FHA activity, as data revealed that VA-related refinancing activity actually rose 41 percent.

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NAR: Tight Lending Standards Stunting Home Sales and Employment

If Realtors have anything to say about tight lending standards, the observation would be such standards are preventing more home sales and holding back job creation. The Washington, D.C.-based National Association of Realtors recently reached their conclusions in a survey conducted with real estate agents. The findings? Lenders take too long with approving applications, requiring excessive information and preferring only interested homebuyers with high credit scores.

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BofA Reaches Settlement to Resolve Disability Discrimination Suit

The Justice Department announced Thursday that it has reached a settlement with Bank of America over allegations of loan discrimination against disability income recipients. The bank was accused of violating the Fair Housing Act and the Equal Credit Opportunity Act by asking disabled mortgage loan applicants to provide letters from their doctors to document the income they received from Social Security Disability Insurance (SSDI).

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NCUA: Q2 Growth in Credit Union Lending Biggest Since 2008

Credit unions found reason to celebrate recently, with the National Credit Union Administration revealing that unions saw their biggest quarterly push in lending since fall 2008. According to the report, released on Friday, credit unions signed off on $581.7 billion in outstanding total loans over the second quarter. The uptick marks the fifth straight quarterly increase for total loans and helped credit unions originate 1.7 percent more home loans from the quarter before.

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Mortgage Fraud Increases as Applicants Mislead Lenders: Experian

While fraud in the financial services sector declined year-over-year from April through June, mortgage fraud increased, according to the latest report from Experian, a global information services company based in London. Thirty-nine out of every 10,000 mortgage applications were fraudulent during the April to June period, up from 32 out of 10,000 in the same period last year, according to Experian. Twenty-four percent of all attempted mortgage fraud cases were the result of individuals misrepresenting their credit by hiding certain information.

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Full Disclosure of Fees, Privacy Most Important to Borrowers: Survey

Just how important is disclosure to American borrowers? Very important, if the figures from a recent Harris Interactive survey mean anything. MortgageMarvel.com commissioned a survey of 2,214 American adults 18 years or older to learn that one full-quarter of Americans take disclosure into account when considering their next home loan. After disclosure, 20 percent of survey respondents ranked anonymity as their second most-valued quality in the lending process.

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Refinance Activity Helps Boost Originations 44.6% Year-Over-Year

Outpacing industry forecasts, mortgage originations ticked up 5.2 percent in the second quarter, totaling $405 billion during the three-month period, according to a report released this week from Keefe, Bruyette & Woods. On an annual basis, originations are up 44.6 percent, according to the study. Keefe, Bruyette & Woods suggests much of the increase came from refinance activity driven by low interest rates.

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MBA: Mortgage Applications Fall by 4.5%

Mortgage applications decreased 4.5 percent over the week last week with most of the decrease occurring among refinance applications, according to the latest survey from the Mortgage Bankers Association. (MBA). Refinance activity fell 5 percent compared to the previous week, while purchase activity declined 2 percent.

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