Wednesday , 18 September 2019

Patrick Barnard

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Fitch: Low Mortgage Rates Won’t Meaningfully Boost Home Sales

Unlike previous housing cycles, lower mortgage rates are not expected to meaningfully boost home sales, nor will they significantly boost new home construction, Fitch Ratings forecasts. For now, lower mortgages rates are merely serving to stabilize the housing market, the firm says in a report. “Affordability issues driven by price appreciation continue to constrain the housing market, with rising input …

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Foreclosure Starts Increased in July But Were Down Year-Over-Year

Foreclosure starts increased 6% in July compared with June but were down 14% compared with July 2018, according to the latest U.S. foreclosure report from ATTOM Data Solutions. Lenders started the foreclosure process for the first time on 26,055 property owners in July. Banks repossessions also dropped significantly: Lenders repossessed 11,070 residential properties in July, down 60% compared with June …

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Brian Augenstein: Ease of Software Development Will Drive Technological Change in Mortgage

PERSON OF THE WEEK: In the mortgage industry, there has been a strong focus on how technology is improving the origination process, with many new innovations introduced in the past few years, but arguably there has been a lack of discussion on how technology is bringing greater speed, efficiency, transparency and accountability to the servicing side of the business. Considering …

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LoanScorecard Powering Angel Oak’s New QuickQual Tool for Non-QM Loans

LoanScorecard is powering Angel Oak’s new QuickQual loan tool, which aims to significantly enhance the ease and speed at which loan officers (LOs) can determine borrower eligibility for non-QM loans. QuickQual delivers loan eligibility decisions within a matter of minutes, eliminating a process which used to take up to 24 hours, Angel Oak says. The automated underwriting system (AUS) instantly …

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July Monthly Prepayment Rate Surged on Rising Refinance Volume

The monthly prepayment rate surged to its highest level in nearly three years in July, due to rising refinance volume driven by lower mortgage rates, Black Knight’s First Look report shows. The monthly prepayment rate for July was 1.43% according to the firm’s data, an increase of 25.71% compared with June and a jump of 58.40% compared with July 2018. …

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New Home Sales Fell in July But Were Up Year-Over-Year

New home sales were at a seasonally adjusted annual rate of 635,000 in July, down 12.8% compared with an strongly upwardly revised June rate of 728,000 but up 4.3% compared with about 609,000 in July 2018, according to estimates from the U.S. Census Bureau and U.S. Department of Housing and Urban Development. Regionally, new home sales increased 9.5% in the …

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Mid America Mortgage Promotes Michael Cooksey to Executive Managing Director of Production

Michael Cooksey has been promoted to executive managing director of production at Mid America Mortgage. Cooksey is founder of Mid America’s most successful branch, The Cooksey Team, located in the Dallas area. In his new role with the company, Cooksey will be responsible for overseeing and ensuring the success of Mid America’s current network of retail branches nationwide, as well …

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July Refinance Share Jumped on Falling Mortgage Rates

Falling mortgage rates boosted the refinance share of mortgage origination volume to 38% in July, up significantly from 31% in June, according to Ellie Mae’s Origination Insight Report. That’s the highest it’s been since March 2018, according to the monthly report. The average time to close a mortgage in July held at 42 days – flat compared with both June …

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