Mortgage Home Lenders

And Mortgage Home Lenders

Some mortgage lenders have loosened credit standards for homebuyers as demand for loans from refinancers slows, a Federal Reserve survey shows.

More than a quarter of the large banks in the report say they have somewhat eased the credit standards on residential mortgages over the past three months, according to the central bank's October senior loan officer survey.

Rates up, refis down

Nearly half of the banks in the survey reported weaker demand for residential mortgages. About 4 in 10 banks say their refinance application volume is substantially lower than the volumes seen prior to the increase in mortgage rates. The 30-year-fixed jumped by more than a percentage point in the spring after Fed Chairman Ben Bernanke said it could reduce the pace of bond purchases this year. Rates have adjusted down since then but remain more than half of a percent higher than they were prior to the hike.

As homeowners regain equity in their homes, some lenders say they also have eased standards on home equity lines of credit. About 1 in 5 banks in the survey says the demand for HELOCs has increased in the past three months. About 8.7 percent of lenders in the survey say they have eased standards on home equity lending. The majority say standards have remained unchanged.

Good news for homebuyers

As the demand from refinancers shrinks, homebuyers get faster service from their lenders. About 44 percent of the lenders say the time for closing from the day of application has somewhat reduced since the volume of refinances fell.

Most say they have not changed their credit score requirements for buyers since rates climbed, but two large lenders in the survey say they reduced their minimum FICO score. The survey does not specify the lenders.

Three out of 64 banks said they would be somewhat more likely to approve a mortgage to a borrower with a FICO score of 620 and down payment of 10 percent than they were before the increase in mortgage rates. The majority of lenders say the likelihood of approval for such a borrower hasn’t changed since the spring.


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American Home Mortgage hit by margin calls

2007-07-30 11:17:09 by BOXVODKA

American Home Mortgage Investment Corp. shares came under pressure on Monday after the lender said that recent disruption in credit markets has triggered "significant" margin calls. American Home's shares fell 39%, to $6.39 in pre-open trading on Monday morning. Trading in the stock on the New York Stock Exchange has since been halted.
Some mortgage originators, including American Home, rely on credit lines from large banks to help them "warehouse" loans they've offered. When they've accumulated enough mortgages, the loans are packaged as mortgage-backed securities and sold on to institutional investors in the asset-backed securities market


Reverse mortgage lenders fail to give seniors

2009-01-30 02:53:30 by the_full_story

When it comes to cashing out home equity.
"What they don't tell you is ... that the front load is very high," Basich says. He says lenders like reverse mortgages because "these (loans) are very profitable to write in the short term."
Front-loading refers to upfront costs, paid out of the home's equity at closing. As with conventional mortgages, reverse mortgage lenders make money the old-fashioned way: through interest, origination fees and points. The interest rate varies according to the market. However, closing costs are significantly higher with reverse mortgages

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Book (Mortgage Bankers Association of America)
Diginik Home Buying
Mobile Application (Diginik)
  • Buyer s & Seller s Markets
  • Finding A Mortgage Lender
  • Things To Stay Away From When Buying A Home
  • Making An Offer
  • The Real Estate Contract
  • Getting Your Financing Set
  • The Title Insurance
  • The Survey
  • The HUD-1

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