Category: News and Trends

Ellie Mae, Pleasanton, Calif., said interest rates hovering at or below 4 percent spurred a “surge” in millennial refinances in August.

First American Financial Corp., Santa Ana, Calif., said its monthly Loan Application Defect Index fell by 3.9 percent in August from July and by 5.2 percent from a year ago.

Redfin, Seattle, said people who bought a home at the bottom of the market in 2012 have earned a median $141,000, or 261%, in home equity since then.

Fitch Ratings, New York, said high debt-to-income loans no longer eligible for purchase by Fannie Mae and Freddie Mac are likely to have higher loss levels if the loans also have high loan-to-values.

Most Americans prefer a mortgage payment to paying rent monthly, said Bank of America, Charlotte, N.C., in its yearly Homebuyer Insights Report.

CoreLogic, Irvine, Calif., said U.S. homeowners with mortgages saw their equity increase by 4.8% year over year, representing a gain of nearly $428 billion from a year ago.

Ellie Mae, Pleasanton, Calif., said drops in 30-year interest rates for the eighth consecutive month drove up the percentage of refinances in August.

ATTOM Data Solutions, Irvine, Calif., said home flipping in the second quarter increased by 12.4 percent from the first quarter but fell by 5.2 percent from a year ago.

Black Knight, Jacksonville, Fla., said its First Look Mortgage Monitor for Augus found foreclosure starts hit an 18-year low, while borrowers took advantage of lower mortgage rates to increase their level of prepayments.

ACES Risk Management, Pompano Beach, Fla., released its quarterly Mortgage QC Trends Report, showing critical defect rates fell by 6% in the first quarter from the previous quarter.