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Hurricanes Hurt Builder Confidence

Concern about fallout from the recent hurricanes had the nation’s single-family home builders giving back all the confidence they gained last month.

The Housing Market Index, which is a gauge of single-family builders’ perception of the market for new homes, came in at 64 for September.

That was a three-point decline from the downwardly revised level for the preceding month — when the index had ascended three points.

Source: Mortgage Daily

Mortgage Biz Up, ARM Share Widest in 20 Months

Driven primarily by refinances, weekly new mortgage business moved up from the holiday week. The share of adjustable-rate mortgage activity reached the highest level in 20 months.

During the week ended Sept. 15, the U.S. Mortgage Market Index from Mortgage Daily — an indication of upcoming loan originations based on per-user rate-lock volume at OpenClose — was 143.

The index climbed 8 percent from the prior week. No adjustments were made to the index for the Labor Day holiday. Compared to the same week last year, the index fell 14 percent.

Source: Mortgage Daily

AVMs, Appraisal Tools Among New Valuation Offerings

Several new appraisal products include an automated valuation model, an appraisal ordering tool and a service that compares multiple appraisals.

Value Report is now being offered by Pittsburgh-based Independent Settlement Services, according to an Aug 8 news release.

The AVM provides instant property valuation, market risk assessment and real estate market data for a single property or entire portfolios.

Source: Mortgage Daily

Ginnie Tackling VA Churning by Some Lenders

Under pressure from a prominent lawmaker, the Government National Mortgage Association is taking action to address the churning of home loans to veterans.

Ginnie Mae last year identified rapid refinance and loan churning on mortgages that are guaranteed by the Department of Veterans Affairs.

In addition to creating downward pressure on Ginnie Mae securities, the action are increasing borrowing costs and outstanding loan balances for veterans.

Source: Mortgage Daily

Mortgage Rates Hold at 2017 Low But Likely to Rise

Long-term rates on single-family loans remained at a 10-month low this past week, and the outlook is for an increase during the upcoming week and each of the next five quarters.

At 3.78 percent in Freddie Mac’s Primary Mortgage Market Survey for the week ended Sept. 14, thirty-year fixed rates remained at the lowest they’ve been since the week ended Nov. 10, 2016.

Although long-term mortgages rates didn’t change from the preceding seven-day period, they were higher than 3.50 percent during the same seven days last year.

Source: Mortgage Daily

CA Lender Hires Billion Dollar Mortgage Originator

One of the nation’s top-producing loan originators, who has generated more than $1 billion in production, has been hired by a firm based in the Golden State.

Last year, Ben Anderson reportedly closed $242 million in home loans as a residential loan originator for Chicago-based Guaranteed Rate.

Anderson, who started in the mortgage business 14 years ago and joined Guaranteed in 2014, has reportedly originated $1.4 billion in residential loans since 2010.

Source: Mortgage Daily

Freddie Eases Appraisal, Condo & Jumbo Policies

Changes being made by the Federal Home Loan Mortgage Corp. relax requirements for appraisals, condominiums and jumbo mortgages. Also impacted are assets used to make payments.

Freddie Mac is now allowing unlicensed and trainee appraisers to perform and sign an appraisal report in accordance with state law. They can also perform a completion report as long as a supervisory appraiser signs it.

The secondary lender is eliminating the requirement that photos for comparable sales from multiple listing services only be used when original photographs can’t be obtained.

Source: Mortgage Daily

GSE Refis Sink to 27-Month Low, All-Time HARP Low

The monthly number of government-sponsored enterprise mortgages refinanced tumbled to a two-year low. Government-supported refinances plunged to an all-time low.

During July, 109,199 loans that are either guaranteed or owned by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corp. were refinanced.

That was the slowest month since May 2014, when primary home lenders refinanced 107,320 Fannie Mae and Freddie Mac single-family loans.

Source: Mortgage Daily

Fannie Mae Nudges Up 2017, 2018 Refinance Outlook

Fannie Mae has made a modest upward adjustment in its forecast for industry-wide refinance originations this year and next year.

The secondary mortgage lender predicts that overall loan production, including purchases and refinances, will total $456 billion during the third quarter.

Home-lending activity is then expected to tumble to $377 billion in the final-three months of 2017 and $322 billion in the first-three months of next year.

Source: Mortgage Daily

M.I. Firms Integrate With LOS

Two mortgage insurance companies have integrated with two loan origination systems, while a correspondent aggregator implemented an LOS. Meanwhile, data from a reverse mortgage LOS indicates significant growth in that market.

A new SmartAPI developed by MeridianLink has made Fannie Mae’s Day 1 Certainty available to LendingQB users, an Aug. 31 news release indicated. A new verifications dashboard enables users to manage individual orders and know when they are completed.

Ventana Home Mortgage LLC, a recently formed non-QM conduit aggregator, is utilizing OpenClose’s correspondent module, an announcement indicated. Ventana’s more than 100 lender-clients can electronically submit loans for swift review and acceptance.

Source: Mortgage Daily

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