Mortgage applications increased 15.6% from one week earlier, according to the Mortgage Bankers Association’s Weekly Applications Survey for the week ending June 7, 2024.
Category: News and Trends
Redfin: Asking Rents Hit Highest Level Since 2022
Redfin, Seattle, found the median asking rent increased 0.8% year-over-year in May to $1,653, just $47 below the record high hit in August 2022.
LenderLogix’ Patrick O’Brien: CRA Compliance for IMBs Has Arrived. Here’s How to Do It Right.
Using advanced data analytics, listing notifications and smart loan applications, mortgage lenders can not only meet regulatory requirements but actively contribute to community development, ensuring a more equitable and inclusive future for all.
Upcoming School of Loan Origination Courses in October and January
MBA Education’s School of Loan Origination (SOLO) is a live, instructor-guided online course designed to provide an in-depth working knowledge of how to originate residential mortgage loans.
CoreLogic: Homeowner Equity Increases to Near All-Time High in Q1
CoreLogic, Irvine, Calif., released its Homeowner Equity Insights Report for the first quarter, finding that U.S. homeowners with mortgages saw home equity increase by 9.6% year-over-year.
MCT: 7% Increase in Mortgage Lock Volume in May
Mortgage Capital Trading Inc., San Diego, announced an increase of 6.78% in mortgage lock volume in May compared with the previous month.
Trepp: CMBS Special Servicing Rate Increases
The commercial mortgage-backed securities special servicing rate continues to grow, increasing 10 basis points in May to 8.21%, according to Trepp, New York.
MBA Advocacy Update: CFPB Creates Registry for Nonbanks Subject to Agency and Court Orders; Supreme Court Releases Decision in Cantero v. Bank of America
This week’s top legislative and policy news from the Mortgage Bankers Association.
Quote: June 11, 2024
“With home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, close to a total of $305,000 per owner.”
–Selma Hepp, CoreLogic Chief Economist
Fitch: Solid Demand, Home Price Growth Will Continue to Boost U.S. Housing Economy
The U.S. residential housing economy, which represents about 17% of GDP, will likely continue growing in second-half 2024 despite unaffordability due to high home prices and mortgage rates, according to Fitch Ratings, Chicago/New York.