“An In-depth Analysis: Trends and Influences on Current Mortgage Application Volume”

The first three weeks of the New Year saw a surge in mortgage application activity despite federal holidays hampering two of those weeks. An uptick in purchase loan activity was also observed each week. According to data from the Mortgage Bankers Association (MBA), the Market Composite Index, an indicator of mortgage loan application volume, experienced a 3.7 percent rise on a seasonally adjusted basis during the week ending January 19, after adjustments for the Martin Luther King holiday. However, without adjustments, the Index recorded a 4.0 percent drop from the prior week. The adjusted Refinance Index dipped by 7.0 percent compared to the previous week, an 8.0 percent decrease from the same week last year. On an unadjusted basis, it fell by 16.0 percent for the week and 8.0 percent year-over-year. Refinance application shares also lowered from 37.5 percent to 32.7 percent that week. The seasonally adjusted Purchase Index rose 8.0 percent each week while the unadjusted Purchase Index increased by 3.0 percent, though it remains 18.0 percent lower than the same week in 2023. Joel Kan, MBA’s Deputy Chief Economist, stated that mortgage rates saw a slight increase, but purchase activity’s upward trend persists. Conventional and FHA purchase applications are primarily driving this surge as some potential buyers aim to finalize their purchase plans early this season. Kan also noted that refinance applications fell last week, with homeowners finding little incentive to refinance due to the current rate levels.

“Exploring the Future of Real Estate: Insights into Mortgage Regulations and Innovations”

In Chicago, a novel draw known as “the rat hole” is capturing attention, while Denver piques interest with its National Ice Core Lab – a hub of icy research hosting samples from across the globe. Meanwhile, a vacation or permanent transition to sunny Phuket, Thailand might appeal as the island received a significant 88% spike in airport arrivals – an impressive 6.24 million in total – during 2023. The blossoming real estate market and the growing community of 420,000 residents, including a significant influx – approximately 27,000 – of Russians, adds to the island’s appeal. However, aim of the island is to shift from a purely tourist economy by attracting prosperous individuals to take up residence and stimulate development.

In the latest podcast, experience an interesting conversation with Marty Green from Polunsky Beitel Green on mortgage spreads and why 2024 could be a transformative year in mortgage industry. The episode also dives into the potential implications of NAR lawsuits. The series is presented by nCino whose Mortgage Suite, comprising three main products – the nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics, streamlines the mortgage process from start to finish.

Meanwhile, Anchor Loans has introduced a new Third-Party Originator (TPO) Broker Channel dedicated to loan brokers and other third-party originators. This initiative comes in light of many banks and private lenders cutting back on venture and flip and construction lending, forcing house flippers and builders to seek assistance from brokers to secure reliable capital sources. Anchor Loans, present in 48 U.S. states, brings 25 years of experience, over $14B in loans, flexible loan programs, timely funding, express draw process, and diverse loan range to those involved in the real estate investment and development realms. For more information, interested parties can explore further here.

“Exploring the Latest Trends in Mortgage and Real Estate: A Comprehensive Guide”

Former Vice President Al Gore is attributed with the quote: “The real threat to the environment isn’t solely pollution. It’s also the toxins found in our air and water.” San Diego locals, currently enduring chilly temperatures, are expressing satisfaction over the construction of a new wastewater management facility located just south of the US-Mexico border. This development brings much-needed relief, as the city has struggled with beach shutdowns due to flowing effluent.

However, discussions around wastewater aren’t the only hot topic in San Diego. Concerns regarding early loan repayments penalties and repurchase have preoccupied locals. Independent mortgage banks have been shedding their retained servicing from 2020 to 2021 in order to offset origination expenses, increasing locals’ financial anxiety. These banks have been trading off all servicing released to familiar correspondent lenders, exacerbating the lack of inventory.

Meanwhile, a massive housing project is in progress between San Francisco and Lake Tahoe. Along Highway 80, 20,000 homes for 50,000 people are being erected, financed by a group of billionaires. Despite California’s reputation as a leading farming state, transforming agricultural land into housing will require a considerable effort. The endeavor will need voter approval and significant amount of work.

nCino, a company that specializes in building software for modern mortgage lenders, sponsors our podcast for the week. The nCino Mortgage Suite brings together people, systems, and the mortgage process through three primary products: nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics. In the current episode, we interview Pam Faulkner from nCino about a topic all mortgage lenders have to manage: change.

“Understanding the Surge in Mortgage Application Volumes: A 2024 Perspective”

The week ending on January 5 experienced a substantial surge in mortgage activities, although it initially began from a lower threshold. The number of loan applications were compensated for the New Year’s holiday that started the week and compared to the Christmas Week’s four days. The Market Composite Index from the Mortgage Bankers Association (MBA) – a gauge of mortgage loan application volume – escalated 9.9 percent, seasonally adjusted, relative to the last week. It even exhibited a 45 percent escalation when left unadjusted.

The Refinance Index, adjusted for the holiday, saw a 19 percent hike from the preceding week and a 53 percent increase on an unadjusted level. Both versions reflected a 30 percent and 17 percent year-over-year increment respectively. The total applications saw a rise in refinancing, which constituted 38.3 percent compared to 36.3 percent a week ago.

Regarding the Purchase Index, the seasonally adjusted number rose by 6 percent over the week and correspondingly, went up by 40 percent on an unadjusted level. Nonetheless, the activity still trailed by 16 percent relative to the corresponding week in 2023.

Joel Kan, MBA’s Vice President and Deputy Chief Economist, noted an increase in applications, despite a hike in mortgage rates to commence 2024, following the holiday adjustment. The rise in purchase and refinance loan applications, encompassing conventional and government loans, marks a bright beginning of the year but it’s likely linked to the rebound in activities after the holiday break and year-end dips in rates. However, the volatility in mortgage rates and applications continues with the overall activity remaining low.

“Understanding the Decreasing Trend in Reverse Mortgage Volume and Securities Issuance in December”

In examining the data on Home Equity Conversion Mortgage (HECM) activity for December 2023, Reverse Market Insight (RMI) aptly captioned their observations with the term “thud.” Given the demanding circumstances recorded across 2023, that year ended disappointingly in terms of HECM endorsement volume and the issuance of HECM-backed Securities (HMBS), presenting a less than ideal closure to […]

COVID-19

ALERT FOR NEW YORK BORROWERS The New York Executive Order No. 202.9 and Emergency Regulation 3 NYCRR Part 119 allows individuals who reside in New York to apply for forbearance for up to 90 days for any payment due on a residential mortgage for a property located in New York. The forbearance will be available […]

More Home Loan Options Now Available For Borrowers With Bad Credit

For a long time after the real estate housing crisis in 2008, buyers with a poor credit history had a difficult time finding mortgage financing. It was a problem that trapped those seeking to buy a home because so many lost their homes from the inability to pay their mortgages.

Thank You For Your Fixer Inquiry

Thanks for your Inquiry. Our renovation home loan specialist is analyzing your situation and will be reaching out shortly! Below is some info on some of our most popular programs. In a rush? Call (888) 842-7347 FIXER FINANCING METHOD #1 – The FHA 203k Program If you’re a first time buyer (or you haven’t owned […]

Fixer Quote Thanks

Thanks For Requesting A “203k Fixer Upper Mortgage Quote.” Based on a purchase price of $, you might be able to use the FHA 203k Mortgage program to finance a total of $0 (110%) which will leave you with extra $$$ for repairs. Generally, this program requires a 3.5% down payment, which works out to […]

3 Tips To Save For A Down Payment

Saving up for a down payment can feel overwhelming. Most people have never saved up the kind of money it takes for a down payment. It can be done, though. The goal is to put 20% down on a house. This is what it takes if you don’t want to have to pay private mortgage insurance every month.