Black Knight: Purchase Locks Down 22% Despite Lower Rates

Black Knight, Jacksonville, Fla., reported despite a nearly half-percentage-point decrease in mortgage interest rates, overall lock volumes dropped by 21.5% in November and are down 39% over the past three months and 68% off last year.

Cash-Outs, Purchase Locks Decline Amid Record-Low Affordability

Black Knight, Jacksonville, Fla., said cash-out refinances fell significantly in September, by 26.2 percent from August alone and by 78 percent from a year ago. A similar report from MCT, San Diego, also found a sharp drop in loan lock volume in September.

Rate Locks Fall Across All Loan Types

Black Knight, Jacksonville, Fla., said despite a leveling off in interest rates, lock volumes fell another 4.8% from April, with monthly declines seen across both rate/term (-23.6%) and cash-out (-11.9%) refinances.

MBA Chart of the Week, Sept. 24, 2021: Distribution of Loans by APR-APOR Spread & Month

In this week’s MBA Chart of the Week, we analyze Optimal Blue single-family, 30-year fixed mortgage rate origination loan data from January 2020 through August 2021. We further group loans in the chart by the spread between their reported note rate and the (monthly average of the) Freddie Mac Primary Mortgage Market Survey rates to approximate the APR-APOR spread.

Industry Briefs June 25, 2021

Lodasoft, Livonia, Mich., integrated with the Optimal Blue PPE engine through Black Knight, Jacksonville, Fla. The integration enables mortgage lenders to deliver Optimal Blue PPE pricing workflows into Lodasoft’s platform

Industry Briefs

First American Financial Corp., Santa Ana, Calif., a provider of title insurance, settlement services and risk services for real estate transactions, and Docutech, a provider of document, eClose and fulfillment technology for the mortgage industry, signed an agreement for First American’s acquisition of Docutech.