The Mortgage Bankers Association said mortgage applications for new home purchases in March increased by 10 percent from February and by 0.6 percent from a year ago.
Category: News and Trends
MBA: Share of Mortgage Loans in Forbearance Decreases to 0.55%
The Mortgage Bankers Association’s monthly Loan Monitoring Survey reported loans in forbearance decreased by 5 basis points to 0.55% of servicers’ portfolio volume in March from 0.60% in February.
New Listings of Home for Sale Down 25% from Year Ago
Redfin, Seattle, reported new listings of U.S. homes for sale dropped 25% from a year earlier during the four weeks ending April 9, continuing an eight-month streak of double-digit declines.
April Home Builder Sentiment Up 1 Point
Ahead of Tuesday’s New Residential Construction report, the National Association of Home Builders reported builder confidence in the market for newly built single-family homes in April rose for the fourth straight month.
Quote: Apr. 18, 2023
“As the COVID-19 national emergency draws to a close, the number of loans in forbearance continues to drop. Mortgage performance remains strong with the percentage of borrowers who were current on their mortgage payments and post-forbearance workouts increasing in March.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
Souren Sarkar, CMB, of Nexval: What Recent Flight Fiascos Can Teach Us About Investing in Technology
If mortgage servicers ever needed an argument to not hold back on technology investments, they need look no further than the recent fiascos in the airline industry.
MBA Advocacy Update Apr. 17, 2023
MBA, NYMBA, ABA, NYBA and HPC filed a joint Amicus brief with the New York State Appellate Division of the Supreme Court in support of the plaintiff in U.S. Bank National Association v. Simon. In this case, the plaintiff is, in part, challenging the constitutionality of New York’s Foreclosure Abuse Prevention Act
MBA Chart of the Week, Apr. 14, 2023: Number of Homes Available for Sale
MBA’s forecast calls for a gradual recovery in home purchase activity in the second half of 2023, driven by some catch-up buying from 2022 when mortgage rates surged and by younger age cohorts entering homeownership. However, this recovery will be dependent on affordability conditions improving
Tracy Freese of Help With My Loan: Why AI Is a Game-Changer for the Mortgage Industry
Over the past few years, AI has become widely used across many industries, including finance. Artificial intelligence technologies are rapidly becoming better, able to take on tasks that are more complex. AI technologies also getting more specific to certain applications. Now, for example, you can leverage AI lending software to intelligently process mortgage documents.
Sponsored Content from First American Data & Analytics: Upgrading Your Tech Stack–Don’t Overlook Data Quality
Data plays a critical role in lending decisions. It’s important to understand how it powers your solutions and why quality matters.