Marketing, Broker, Appraisal Products; Shifts in Credit Reporting and Underwriting; Negative U.S. Rates?
Posted To: Pipeline Press
Remember the old days at a birthday party when someone would blow on the cake before everyone ate it? Things are certainly changing, including processing residential loans. In our biz, as we all wait for Ginnie to come out with its electronic promissory note policy, Informa Financial Intelligence released its April 2020 Mortgage Originations Data. Rate-lock volume has increased 53% YoY but decreased 27% MoM across all channels, while funded volume has increased 51% YoY and 13% MoM. Average 30-year Conforming FRM funded loan note rates have fallen 107bps from April 2019. Compared to 2019, YTD purchase lock volume down 3% and funded volume is down 7%, while YTD Refinance (R/T & C/O) lock volume is up 205% and funded volume is up 207% YoY. Big picture: U.S. households amassed $155 billion…(read more)