Mortgage Bankers Association

Massachusetts to make remote online notarizations permanent

Massachusetts has become the latest state to update laws that make remote online notarizations for real estate closings and other business transactions permanent after the signing of new legislation last week. Governor Maura Healey authorized a provision, which was included in the state’s supplemental budget, granting permission to notaries in the Bay State to perform … [Read more…]

Go bust vs. resurgence for IMBs

For independent mortgage bankers who survive the ongoing culling, the new normal unfolding looks much brighter, industry experts say.

Experts call for lenders to strengthen security amid uptick in cyberattacks

The mortgage industry faces the same cybersecurity threats as it did over the last 10 years, and efforts to strengthen infrastructure and security are becoming even more important, experts say.

Consumer home buying interest highest since May

While more consumers are making moves toward purchasing a home, with one measure of that at the highest level since last May, the number is still well below one year ago, Redfin said. Its Homebuyer Demand Index, a seasonally adjusted measurement of requests to tour homes, make an offer and/or talk to a Redfin agent … [Read more…]

Calmer Markets; Are Home Prices Already Done Falling?

The bond market moved far less over the entire week than it did during a single day last week. Not only was volatility much lighter, but the trading patterns changed as well. At the onset of the recent panic in the banking sector, stocks and bonds shifted into risk aversion mode.  Scary news pushed money … [Read more…]

What the banking crisis means for mortgage rates – CNN

What the banking crisis means for mortgage rates  CNN

Mortgage App Volume Improves for Fourth Consecutive Week

Applications for both home purchases and refinancing rose for the fourth time during the week ended March 24. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 2.9 percent on a seasonally adjusted basis and 3.0 percent unadjusted compared to the week ended March 17.   The Refinance Index was 5 percent higher than the previous week and the refinance share of activity increased to 29.1 percent of total applications from 28.6 percent. The Index was 61 percent lower than the same week in 2022. [refiappschart] Purchase applications were 2.0 percent higher than the prior week on both an adjusted and an unadjusted basis  but the unadjusted Purchase Index was 35 percent lower than the same week a year earlier.   [purchaseappschart] “Application activity increased as mortgage rates declined for the third straight week. The 30-year fixed rate declined to 6.45 percent, the lowest level in over a month,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “While the 30-year fixed rate remained 1.65 percentage points higher than a year ago, homebuyers responded, leading to a fourth straight increase in purchase applications. Home price growth has slowed markedly in many parts of the country, which has helped to improve buyers’ purchasing power. Purchase applications remain over 30 percent behind last year’s pace , but recent increases, along with data from other sources showing an uptick in home sales, is a welcome development.”  

Biden urged to consider Build America’s impact on affordable housing

Two dozen housing organizations, leaders and trade groups, led by the National Housing Conference (NHC), are urging Biden to exempt affordable housing development and repair from the Build America, Buy America Act (BABA) provisions.