article thumbnail

Lending standards tighten due to high rates, worsening economic outlook

Housing Wire

Lending standards tightened in October, largely due to higher mortgage rates and the worsening outlook for the economy, the Mortgage Bankers Association (MBA) said. A decline in the index, benchmarked to 100 in March 2012, is an indicator that lending standards are tightening, while an increase suggests loosening credit standards.

Lending 485
article thumbnail

Judge green lights amended predatory lending suit against Wells Fargo

Housing Wire

A federal judge in Georgia has given the green light for an amended “predatory lending” lawsuit to proceed against Wells Fargo. Wells Fargo has been under fire numerous times in the past over discriminatory lending allegations. The lawsuit was filed under the Fair Housing Act by three counties in Georgia.

Lending 384
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Lending standards tighten as appetite for riskier loans drops

Housing Wire

Lending standards tightened in August amid a worsening economic outlook and signs of cooling in home-price growth. A decline in MCAI, benchmarked to 100 in March 2012, indicates that lending standards are tightening while an increase in the index suggests a loosening of credit. billion in 2022 from last year’s $4.4 billion. .

Lending 370
article thumbnail

Mortgage credit availability increased in January: MBA

Housing Wire

over December’s figure, based on initial benchmarking of the index to 100 in 2012. However, overall credit availability remained close to 2012 lows, and the conventional index was close to its record low in the series dating back to 2011,” he said. The MBA’s Mortgage Credit Availability Index (MCAI) increased in January to 92.7,

Mortgage 431
article thumbnail

People movers: Notarize, RE/MAX and Planet Home Lending

Housing Wire

Planet Home Lending has promoted four people to vice president positions, supporting the company’s continual growth. Michaelene Whyte has been promoted from processing manager of the East to VP, national fulfillment, distributed retail, and has been with Planet Home Lending since October 2018.

Lending 342
article thumbnail

Gap between Black and white renters who were mortgage ready narrowed during the pandemic

Housing Wire

The gap narrowed significantly since 2012, when it stood at 7.9 While higher mortgage rates and elevated home prices affected affordability for everyone, regardless of race, the median household income for Black renters rose more than for white renters since 2012. About 7.8% of white families that year — representing a gap of 4.7

Mortgage 448
article thumbnail

ClearPath Lending Surpasses 50,000 FHA and VA Mortgages Since its Founding

Appraisal Buzz

ClearPath Lending , a VA home loan origination firm, reports that it has provided more than 50,000 mortgage loans that were guaranteed by the Department of Veterans Affairs or insured by the Federal Housing Administration (FHA) since the company was founded in 2012. It’s an honor to serve the.

Lending 195