Low, low mortgage rates make 19.4 million eligible for refi

As mortgage rates stay below 3% for the 17th consecutive week, a Black Knight report released Friday found that the number of “high quality” refinance candidates continues to climb. According to the report, a whopping 19.4 million homeowners are now in a position to save through refis – the most in history. Black Knight’s report…Continue Reading

Mortgage applications decrease slightly, but refinance index jumps

Mortgage applications decreased 0.5% last week after a 3.8% jump at the end of October, according to a report from the Mortgage Bankers Association (MBA). That’s despite the 30-year fixed rate decreasing to 2.89% — an all-time survey low. The refinance index, however, increased by 1% from the previous week – and is a robust 67% higher…Continue Reading

Low Mortgage Rates Are Easing Affordability, But Down Payments Are Further From Reach

SEATTLE, Oct. 29, 2020 /PRNewswire/ — Monthly mortgage payments are becoming increasingly affordable for U.S. homeowners as mortgage rates have hit record lows, a new Zillow® analysis shows. But that masks the difficulties would-be buyers face in getting into homes in the first place after extraordinary price growth has pushed prices further above incomes than they’ve been…Continue Reading

Refis lead the way as mortgage applications rise 1.7%

After two weeks of slight declines, mortgage applications regained their footing last week, rising 1.7% from the week prior, according to a report from the Mortgage Bankers Association. The refinance index led the rebound after it gained 3% from the previous week, however, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting,…Continue Reading

The digital mortgage platform empowering the rise of community lenders

From the beginning, co-founder and CEO John Paasonen has been clear about digital mortgage platform Maxwell’s mission: to make mortgages simpler and more accessible. Since channeling his frustrations with the mortgage borrowing process into co-founding Maxwell in 2015, Paasonen has been busy honing a technology-powered platform meant to delight borrowers with a streamlined experience for…Continue Reading

Mortgage forbearance rate falls to lowest level since mid-April at 5.92%

The U.S. forbearance rate measuring the share of mortgages with suspended payments fell to 5.92% last week, the lowest since mid-April, according to the Mortgage Banker Association. The rate dropped from 6.32% in the prior week, MBA said in a report on Monday. The decline was largely led by portfolio loans and private-label securities as their…Continue Reading

This techie mortgage broker has cleared $1 billion in originations this year. And now Thuan Nguyen is scaling up

In 2013, Thuan Nguyen was working out of his chaotic office in the heart of Silicon Valley. You’d find him there from 5 a.m. to 11 p.m. At that point, Loan Factory had about 200 loans and just 13 employees. They hustled, too.“The office was like a market,” Nguyen recalled. “It was so noisy, stuff…Continue Reading

An ‘Open House’ sign is displayed as potential home buyers arrive at a property for sale in Columbus, Ohio.Ty Wright | Bloomberg | Getty ImagesMortgage rates moved even lower last week after setting multiple record lows in recent months, spurring more borrowers to call their lenders and apply for a refinance, but homebuyers were not…Continue Reading

The Mortgage Collaborative supports members through virtual educational sessions

The Mortgage Collaborative, an independent cooperative network, has supported its members through this year’s uncertain environment with its 2020 virtual educational and networking platform TMConnect. Through TMConnect, TMC offers virtual educational and networking sessions for employees from throughout its member companies. The sessions are part of their membership and come at no additional cost. Between…Continue Reading