MND NewsWire

MND NewsWirehttp://www.mortgagenewsdaily.com/news/MND NewsWire : Housing and Economic NewsenCommunityServer 2008 SP2 (Build: 31106.96)Consumer Mortgage Choice Act Under Fire From CRLhttp://www.mortgagenewsdaily.com/05172013_qualified_mortgages.aspFri, 17 May 2013 20:56:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309205Jann Swanson1http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309205http://www.mortgagenewsdaily.com/05172013_qualified_mortgages.asp#comments<p> </p> <p>The Center for Responsible Lending (CRL) has released a brief issues paper voicing <strong>objections to HR 1077</strong>, The Consumer Mortgage Choice Act.  The bill currently sits in the House Financial Services Committee of which its sponsor Representative Bill Huizenga (R-MI) is a member.</p> <p>The bill amends the <strong>Truth in Lending Act</strong> (TILA) with respect to disclosures of points and fees for so called "high cost" mortgage loans and has the following key points</p> <ul class="unIndentedList"> <li>Excludes from the computation of such points and fees: (1) the amount of any loan level price adjustment payment set by Fannie Mae, Freddie Mac, FHA, or similar government entity, (2) any compensation paid by a mortgage originator to an employee or creditor; and (3) any e</li> </ul> <p> </p>...(<a href="http://www.mortgagenewsdaily.com/05172013_qualified_mortgages.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/309205/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309205" width="1" height="1">Home Sales Would Rise 15-20 Percent With 720 FICO - NARhttp://www.mortgagenewsdaily.com/05162013_economic_forecasts.aspFri, 17 May 2013 19:18:19 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309023Jann Swanson5http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309023http://www.mortgagenewsdaily.com/05162013_economic_forecasts.asp#comments<p> <p>Lawrence Yun, chief economist for the National Association of Realtors® (NAR) said Thursday it might be time to "<b>dial down the credit stringency</b>."  If the credit scores required for a mortgage returned to the more <b>normal levels of about 720</b> for conventional loans and 660 for FHA loans, he said, home sales could be 15 to 20 percent higher than they are.  During the past four years the average scores for approved conventional loans have been in the 760 to 770 range.</p> <p>About<b> 51 percent of renters could qualify</b> financially to purchase a home compared to 24 percent in 2005 and 33 percent in 2000.  While their credit scores are unknown, "there are about 8 million more renters with the income necessary to buy a home now than in 2000, but they are choosing not to or are unable to become a homeowner" Yun said.</p> </p>...(<a href="http://www.mortgagenewsdaily.com/05162013_economic_forecasts.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/309023/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309023" width="1" height="1">Kickback Accusations Resolved by CFPB Consent Filinghttp://www.mortgagenewsdaily.com/05172013_mortgage_fraud.aspFri, 17 May 2013 18:26:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309189Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309189http://www.mortgagenewsdaily.com/05172013_mortgage_fraud.asp#comments<p> </p> <p>A Texas<b> homebuilder will surrender</b> <b>more than $100,000</b> to the Consumer Finance Protection Agency under a consent order filed on Friday.  Paul Taylor, a principal of Paul Taylor Homes Unlimited and Paul Taylor Corporation was accused of receiving kickbacks for referring homebuyers to Benchmark Bank and to Willow Bend Mortgage Company for their mortgages.  Under the agreement Taylor is also prohibited from engaging in future real estate settlement services including mortgage origination.   </p> <p>Under the consent order, under which the respondents neither accepted nor denied the CFPB findings, the Bureau contends that Taylor and Benchmark jointly created and owned Stratford Mortgage Services and Willow Bend and Taylor created PTH Mortgage Company.  Both companies, which the CFPB contends were <b>shams, operated as mortgage originators</b>.   </p> <p> </p>...(<a href="http://www.mortgagenewsdaily.com/05172013_mortgage_fraud.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/309189/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309189" width="1" height="1">Senator on a Mission to Change the Way Short Sales Affect Credit Reportinghttp://www.mortgagenewsdaily.com/05172013_credit_reporting.aspFri, 17 May 2013 18:04:21 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309178Jann Swanson3http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309178http://www.mortgagenewsdaily.com/05172013_credit_reporting.asp#comments<p> <p>Senator Bill Nelson (D-FL has asked for an investigation and possible "crackdown" on the manner in which <b>short sales are impacting consumer credit files</b>.   Nelson said that short sales are now often reported to the credit agencies using the same code that designates a completed foreclosure.</p> <p>In letters sent earlier this month to Edith Ramirez, Chairwoman of the Federal Trade Commission (FTC) and Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) Nelson called the <b>credit coding practice "disturbing"</b> and said that there are <b>key differences between a short sale and a foreclosure</b> and both have major but different implications for consumers' credit ratings.</p> </p>...(<a href="http://www.mortgagenewsdaily.com/05172013_credit_reporting.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/309178/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309178" width="1" height="1">CFPB Reminds Lenders of Changes to Mandatory Arbitration Provisions http://www.mortgagenewsdaily.com/05172013_cfpb_dodd_frank_rules.aspFri, 17 May 2013 17:54:24 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309126Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309126http://www.mortgagenewsdaily.com/05172013_cfpb_dodd_frank_rules.asp#comments<p> <p>The Consumer Finance Protection Agency (CFPB) reminded lenders today that new <b>Truth in Lending Act (TILA) rules</b> banning mandatory arbitration provisions go into effect on<b> June 1, 2013</b> so all documentation for new loans should be ready to go on that date.  Changes to <b>Regulation Z</b> amendments relating to those provisions were contained in CFPB's final rule on loan originator compensation issued last January.</p> <p>The changes <b>ban </b>"terms that require arbitration or any other non-judicial procedures to resolve any controversy or settle any claims arising out of the transaction" for any closed in loan secured by a dwelling. </p> </p>...(<a href="http://www.mortgagenewsdaily.com/05172013_cfpb_dodd_frank_rules.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/309126/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309126" width="1" height="1">Housing Bubble Unlikely, Home Price Appreciation Should Slow - CoreLogichttp://www.mortgagenewsdaily.com/05162013_corelogic_case_shiller.aspThu, 16 May 2013 17:15:15 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:308956Jann Swanson1http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=308956http://www.mortgagenewsdaily.com/05162013_corelogic_case_shiller.asp#comments<p> <p>CoreLogic said today that home prices are projected to<b> increase 3.9 percent</b> on an annualized basis between the fourth quarter of 2012 and the same quarter in 2017.  However, a <b>new housing bubble is not likely</b> as market dynamics shift for both supply and demand.  Prices rose 7.3 percent in 2012.</p> <p>The CoreLogic Case-Shiller Index report notes that the increase in 2012 was the <b>strongest rate of appreciation in nearly seven years</b> and projected that prices will continue to improve in 2013 and beyond in the more than 380 U.S. markets it tracks.  The company's current analysis says that, "Cities at epicenter of housing bubble/crash are clocking highest rate of appreciation, largely driven by investor demand."</p> </p>...(<a href="http://www.mortgagenewsdaily.com/05162013_corelogic_case_shiller.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/308956/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308956" width="1" height="1">Housing Starts Fall 16.5 percent, Permits uphttp://www.mortgagenewsdaily.com/05162013_permits_and_starts.aspThu, 16 May 2013 13:51:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:308933Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=308933http://www.mortgagenewsdaily.com/05162013_permits_and_starts.asp#comments<p> </p> <p>The U.S. Census Bureau and the Department of Housing and Urban Development said today that new <b>housing starts</b> were down in April by <b>16.5 percent</b> compared to March.  Construction began on privately owned residential units at a seasonally adjusted annual rate of 853,000 compared to the revised March estimate of 1,021,000.  The original March figure was estimated at 1,036,000 units.  April starts were <b>13.1 percent higher</b> than a year earlier when construction was started on 754,000 units. </p> <p><b>Single-family construction</b> was begun at a rate of 610,000 units, down 2.1 percent from the March rate of 623,000.  Starts in buildings with five or more units was <b>down 38.9 percent</b> to a rate of 234,000 units compared to 376,000 in March.</p> <p> </p>...(<a href="http://www.mortgagenewsdaily.com/05162013_permits_and_starts.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/308933/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308933" width="1" height="1">California Home Prices Soaring on Falling Supply, Pent-up Demandhttp://www.mortgagenewsdaily.com/05162013_california_home_sales.aspThu, 16 May 2013 13:03:26 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:308904Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=308904http://www.mortgagenewsdaily.com/05162013_california_home_sales.asp#comments<p>The <b>median price of homes in California </b>topped $400,000 in April for the first time in five years.  The California Association of Realtors® (C.A.R.) said the increases are fueled by high demand and tight inventories of available homes.</p> <p>Completed <a href="/data/home-sales-existing.aspx">existing home sales</a> in the state were at a seasonally adjusted annual rate of 423,510 units in April, up 1.3 percent from a revised 417,880 in March.  Sales were lower however than a year earlier, down 3.7 percent from the annual rate of 439,770. </p> <p> "California's housing market maintained its momentum in April, getting the <b>spring home-buying season off to a good start</b>," said C.A.R. President Don Faught...</p>...(<a href="http://www.mortgagenewsdaily.com/05162013_california_home_sales.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/308904/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308904" width="1" height="1">Builders Look to Fill Supply Void Left by Declining Foreclosureshttp://www.mortgagenewsdaily.com/05152013_realtytrac.aspThu, 16 May 2013 12:59:17 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:308837Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=308837http://www.mortgagenewsdaily.com/05152013_realtytrac.asp#comments<p>"Nationwide and in most markets it appears <b>builders are planning to ramp up activity</b> that will help <b>offset a drop in foreclosure starts</b>, but there are some markets where a jump in both <a href="/data/housing-permits.aspx">building permits</a> and foreclosure starts in the first quarter indicate the scales will tip more heavily in favor of supply of homes for sale in the coming months - both new homes and foreclosures," said Daren Blomquist, vice president at RealtyTrac. "On the other <b>extreme </b>there are some markets where both building permits and foreclosure starts are down dramatically, indicating that there will be no reprieve from the shortage of homes for sale in those markets in the near future."</p>...(<a href="http://www.mortgagenewsdaily.com/05152013_realtytrac.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/308837/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308837" width="1" height="1">building permitsforeclosure startsForeclosure Prevention Outnumbered Foreclosures 2 to 1 in First Quarterhttp://www.mortgagenewsdaily.com/05152013_hope_now.aspWed, 15 May 2013 19:58:41 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:308802Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=308802http://www.mortgagenewsdaily.com/05152013_hope_now.asp#comments<p> <p>Nearly a quarter<b> million homeowners</b> received mortgage loan <b>modifications </b>through HOPE NOW during the first quarter of 2013.  The voluntary private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors operating under that name modified about 203,000 mortgages through proprietary programs and 42,157 through the Home Affordable Modification Program (HAMP). </p> <p>There were approximately <b>84,000 short sales</b> transacted through HOPE NOW in the first quarter, a <b>reduction of 22,000</b> from the fourth quarter. Since HOPE NOW began tracking the statistic in December 2009 it has arranged 1.23 million short sales.   </p> </p>...(<a href="http://www.mortgagenewsdaily.com/05152013_hope_now.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/308802/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308802" width="1" height="1">Credit Unions Plan on Scaling Back non-QM Mortgageshttp://www.mortgagenewsdaily.com/05152013_qualified_mortgages.aspWed, 15 May 2013 19:44:59 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:308762Jann Swanson1http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=308762http://www.mortgagenewsdaily.com/05152013_qualified_mortgages.asp#comments<p>Nearly half of members responding to a National Association of Federal Credit Unions <strong>survey </strong>say they are already <strong>planning to drop loans from their product line</strong> that do not meet Qualified Mortgage (QM) guidelines.  Members were asked about a range of impacts anticipated under new Dodd-Frank Act rules being implemented by the Consumer Financial Protection Bureau in a survey conducted for the May <i>Economic and CU Monitor.</i></p> <p>Respondents said they were getting a <strong>head start on complying</strong> with the new Ability-to-Repay/QM mortgage rule.  A large majority, 92.9 percent, said they have seen regulatory burdens rise under the rule and 88.1 percent reported increasing compliance costs...</p>...(<a href="http://www.mortgagenewsdaily.com/05152013_qualified_mortgages.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/308762/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308762" width="1" height="1">After 5-Year Pause FHFA Issues Executive Compensation Rulehttp://www.mortgagenewsdaily.com/05142013_gse_conservatorship.aspWed, 15 May 2013 19:37:37 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:308545Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=308545http://www.mortgagenewsdaily.com/05142013_gse_conservatorship.asp#comments<p> </p> <p>The Federal Housing Finance Agency (<strong>FHFA</strong>) published an interim final rule in the <i>Federal Register</i> on Tuesday which may mean that the long drawn-out saga over compensation for executives of the Federal Home Loan Banks (FHLBanks) and Freddie Mac and Fannie Mae (the GSEs) is drawing a close.  The interim rule,<strong> four years in the making</strong>, is set to go into effect in June and FHFA will accept public comments <strong>until July 15</strong>.</p> <p>As background, in June 2009 FHFA published rulemaking with requests for comments on an <strong>executive compensation rule</strong>.  The comment period closed on August 4, 2009.   That rule basically set out the authority of the agency and its director to set compensation for executives of the regulated entities that were reasonable and comparable and set out various ways in which that reasonableness and comparability would be determined.  </p> <p> </p>...(<a href="http://www.mortgagenewsdaily.com/05142013_gse_conservatorship.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/308545/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308545" width="1" height="1">CFPB Releases Video Series to Better Explain Mortgage Ruleshttp://www.mortgagenewsdaily.com/05152013_cfpb_rules_videos.aspWed, 15 May 2013 19:07:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:308805Matthew Graham0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=308805http://www.mortgagenewsdaily.com/05152013_cfpb_rules_videos.asp#comments<p><span style="font-size: 10px;">Under Dodd-Frank, the Consumer Finance Protection Bureau (<b>CFPB</b>) was required to issue several <b>mortgage rules</b>, ostensibly intended to 'protect consumers.'  While the extent to which these rules actually accomplish 'protection'  is open to debate, there's no question that they've constituted an additional layer of complication for mortgage markets.</span></p> <p>In an effort to address problems with the accessibility and tangibility of the information in the rules, and to clear up confusion as to which parts of which rules go into effect on which dates, the CFPB posted a video series to their site.</p>...(<a href="http://www.mortgagenewsdaily.com/05152013_cfpb_rules_videos.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/308805/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308805" width="1" height="1">CFPBRealtors Briefed on Short Sale and Foreclosure Valuation Improvementshttp://www.mortgagenewsdaily.com/05152013_realtors_convention.aspWed, 15 May 2013 17:14:35 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:308756Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=308756http://www.mortgagenewsdaily.com/05152013_realtors_convention.asp#comments<p>Several speakers representing lenders, servicers, and appraisers spoke to Realtors attending their Midyear Legislative Meetings in Washington on Wednesday about some of the issues that have arisen around <strong>short sales</strong> and <strong>property valuation</strong>.  </p> <p>Tim McCallum, <strong>Fannie Mae's director of short sales</strong>, gave a short course on the improvements his company has made to facilitate short sales which continue to represent a significant portion of the real estate market - accounting for about 9 percent of sales during the first quarter of the year.  McCallum said the short sale process can be frustrating for buyer, seller, and Realtor because the approvals are often complex, inconsistent, slow, and cumbersome.  But, he said, Fannie Mae is improving transparency and has created a dedicated team to negotiate short sales with real estate agents... </p>...(<a href="http://www.mortgagenewsdaily.com/05152013_realtors_convention.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/308756/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308756" width="1" height="1">realtorsshort salesAppraisalsPurchase Applications Hit 10 Month Highhttp://www.mortgagenewsdaily.com/05152013_ellie_mae_loan_metrics.aspWed, 15 May 2013 17:05:50 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:308744Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=308744http://www.mortgagenewsdaily.com/05152013_ellie_mae_loan_metrics.asp#comments<p> <p>The percentage of loans originated for <b>purchasing homes increased again in April</b>, the third consecutive month they have done so.  According Ellie Mae's Origination Insight Report for April, those loans made up<b> 42 percent of the total originations</b> during the month compared to 38 percent in March and 27 percent in January.  It was the largest market share since July 2012 when purchase mortgages also made up 42 percent of the total.  The average interest rate on a 30 year fixed-rate mortgage in April was 3.808 compared to 3.908 for all loans closed in 2012.</p> <p><b>FHA loans made up 22 percent</b> of originations and Conventional loans 68 percent compared to 21 percent and 70 percent respectively in March.  Fifteen-year mortgages made up 15.3 percent of all mortgages and adjustable rate mortgages had a 3.2 percent share, the highest since last July.  Ellie Mae's report draws its data from the three million originations that are handled by its mortgage management software and network, more than 20 percent of the U.S. total.</p> </p>...(<a href="http://www.mortgagenewsdaily.com/05152013_ellie_mae_loan_metrics.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>  <a href="http://www.mortgagenewsdaily.com/channels/308744/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308744" width="1" height="1">