A tight inventory of existing homes for sale seems to be spurring an uptick in new home purchases. According to MBA stats, mortgage applications for new homes jumped in July by about 5% over last year. Although, Applications decreased by 12% from the prior month. Overall applications for new construction are on the rise as fewer existing homes are for…
Did you hear the one about the kid who was so bad his parents gave him a big pile of horse manure for Christmas? When he came down on Christmas morning he was so excited. He exclaimed with all this horse sh-t, there must be a pony in here somewhere! The eternal optimist; talk about seeing the glass half full.…
Now that I have your attention, according to a recent report released by the New York Federal Reserve’s Center for Microeconomic Data (bet you didn’t know that existed), household debt in America has reached an all-time high. Is that good news or bad news? Could be both… According to the NY Fed’s Household Debt and Credit Report (another Big Brother…
Times are tough for mortgage lenders, home loan apps are down, refinances are stagnant, and the inventory of homes for sale is a little light. So, where might one find new business? How about HELOCs? Many traditional mortgage lenders got involved in HELOC lending in connection with their first mortgage loans. These became known as piggyback loans. In most cases,…
Well, maybe not quite, but the big news is that United Wholesale Mortgage (UWM) recently closed their first, all-digital mortgage transaction. Yup, all digital, no wet signatures required. Using the new UWM technology, a borrower can execute all documentation, including legal documents, using WIFI to access a computer, or mobile app, to FaceTime the closing agent, and notary. In the…
Let’s take a look at some recent headlines in the mortgage industry news: Bipartisan Senate Bill would force Fannie & Freddie to think outside FICO FHFA’s Watt: No Change in GSE credit scoring model until 2019 Freddie expects to double low down payment mortgage volume in ‘17 If you take the time to read these articles, you will find…
