Lending

CFPB Issues Final Rule to Facilitate LIBOR Transition

December 13th, 2021
The Consumer Financial Protection Bureau (CFPB) recently finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans...

Mortgage Rates Moving Sideways Into 2022

December 30th, 2021
The 30-year fixed-rate mortgage (FRM) averaged 3.11% for the week ending Dec. 30, 2021, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac. Mortgage details: – The 30-year fixed-rate mortgage averaged 3.11% with an average 0.7 point,...

Rocket Pro TPO Announces Several New Tech Initiatives

October 22nd, 2021
Rocket Pro TPO, the division of Rocket Mortgage working exclusively with independent mortgage brokers, recently announced several innovations to help brokers grow, strengthen and protect their businesses. “We believe true leaders help brokers succeed. They view the world with a...

Mortgage Applications Up in November, With Refis Making Up More Than Half of the Share

November 26th, 2021
Mortgage applications increased 1.8% for the week ending Nov. 19, 2021, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The refinance share of mortgage activity increased to 63.1% of total applications from 62.9% the previous week. The...

Rate Locks Down in November, Refinance Mix Lowest Since June 2021

December 14th, 2021
Overall rate locks decreased 4.7% from October, primarily driven by a 9.4% dip in rate/term origination activity, according to the most recent Black Knight, Inc. Originations Market Monitor report, which analyzed mortgage origination data through November 2021. Key findings: Rate/term refinance lending has...

Mortgage Applications Down for the Holidays

January 5th, 2022
Mortgage applications decreased 2.7% from two weeks earlier for the week ending Dec. 31, 2021. According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, the Market Composite Index, which measures the mortgage loan application volume, decreased 2.7% on...

Impacts of Appraisal Bias Felt by Real Estate Professionals

October 26th, 2021
Conversations surrounding racial bias in real estate aren’t new, but they have resurfaced as home appraisals gaps based on subjective judgment have slighted minority homeowners looking to capitalize on their accrued equity. Recent reports have placed a more public light...

Guaranteed Rate Raises More than $5 Million to Support Mental Health

November 29th, 2021
Guaranteed Rate has announced it raised more than $5 million in just five days to make a direct impact on mental health in partnership with the American Foundation for Suicide Prevention, Project Healthy Minds and Wounded Warrior Project® (WWP). “One...

September Saw Decreases in Delinquencies Across the Board

December 14th, 2021
In September, 3.9% of all mortgages in the U.S. were 30 days or more past due, with some in foreclosure, according to the latest Loan Performance Insights report from CoreLogic. This represents a 2.4-percentage point decrease compared to September 2020, when...

FHFA Raising High Balance and Second-Home Loan Fees

January 6th, 2022
The Federal Housing Finance Agency (FHFA) recently announced targeted increases to Fannie Mae and Freddie Mac’s upfront fees for certain high balance loans and second home loans. High balance loans are mortgages originated in certain designated areas above the baseline...
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