Industry personnel news from Down Payment Resource, the Federal Reserve Bank of Atlanta and Westcor Land Title Insurance Co.
Category: News and Trends
CoreLogic: Annual Home Price Growth Up 4.9% in May
CoreLogic, Irvine, Calif., released its latest U.S. Home Price Index for May, finding home price growth was at 4.9% year-over-year.
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 2.6% from one week earlier, according to the Mortgage Bankers Association’s Weekly Applications Survey for the week ending June 28, 2024.
Miriam Moore and Eva Tapia From ServiceLink: The Auction Effect is Becoming More Mainstream. What You Need to Know
Widespread inventory shortage has piqued the interest of mainstream buyers who are now pursuing auction properties as a means to fulfill their dream of homeownership.
Quote: July 3, 2024
“Mortgage rates moved higher last week, crossing the 7% mark, even as the latest inflation data
has kept market expectations alive for a rate cut from the Fed later this year.”
–Mike Fratantoni, MBA’s SVP and Chief Economist
FHFA Releases NMDB Outstanding Residential Mortgage Statistics
There were 50.8 million outstanding mortgages with unpaid balances totaling $11.7 trillion at the end of the first quarter, the Federal Housing Finance Agency reported Tuesday.
Mozaiq.ai’s Francesco Paola: Gen-AI and Mortgage Lending–All Hype or All Real?
The moral of the story: there are use cases in mortgage fulfillment and servicing where Gen-AI delivers tangible benefits without compromising security, accuracy, and the lender’s reputation; one can trust, but one must verify.
Middle-Class Americans Must Put Down More Than $127,000 to Afford Monthly Mortgage: Zillow
A new Zillow analysis shows that to comfortably afford a typical U.S. home, a median-income homebuyer needs to put down nearly $127,750, or 35.4%.
Make the Most of Your MBA Associate Membership: August 1
As a member of the Mortgage Bankers Association, you and your company are entitled to a multitude of benefits. We invite you to a complimentary webinar, Make the Most of Your MBA Associate Membership, Thursday, August 1, 2024, from 11:00 AM-12:00 PM ET to learn more about how to make these benefits work for you.
To the Point With Bob–Mortgage Servicers: Diligently Serving Borrowers Through Constant Change
Mortgage servicers have a vital function in the mortgage market and the wider economy, writes MBA President and CEO Bob Broeksmit, CMB.