“Despite higher mortgage rates, purchase applications had a strong week, mostly driven by a 6% increase in conventional loan applications.” — MBA associate vice president of economic and industry forecasting Joel Kan
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Banosian has funded $2 billion in total loan volume this year, becoming the company’s first loan originator to reach that milestone.
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Company officials say the organizational changes will support the company’s record-setting growth.
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“Mortgage rates decreased for the first time since August, as concerns about supply-chain bottlenecks, waning consumer confidence, weaker economic growth and rising inflation pushed Treasury yields lower.” — MBA associate vice president of economic and industry forecasting Joel Kan
The post Mortgage applications decline despite drop in interest rates appeared first on Atlanta Agent Magazine.
“This will be the first time a home lender will provide an end-to-end ‘mortgage-as-a-service’ solution through Salesforce Financial Services Cloud — a platform that thousands of financial institutions already heavily rely on.” — Rocket Cos. Vice Chairman and CEO Jay Farner
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At the same time, the increase in interest rates drove fewer borrowers to refinance their loans, according to the Mortgage Bankers Association.
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The Low-Income First Time Homebuyers Act (LIFT) establishes a program to sponsor 20-year mortgages that would build equity at twice the rate of a conventional 30-year mortgage.
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“The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase,” Freddie Mac Chief Economist Sam Khater said.
The post Mortgage rates remain flat at 2.88% appeared first on Atlanta Agent Magazine.
Two of the largest leaders in the real estate market are joining forces to form a new mortgage origination company.
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Homebuyers lucky enough to win a bidding war these days are increasingly running headlong into appraisals that don’t match — or even come close to — the agreed sales price, leaving them with limited ways to close the sale.
The post The trouble with appraisals: How the wild market is making it harder to get financing appeared first on Atlanta Agent Magazine.