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It hasn’t been this hard to get a mortgage in six years

Housing Wire

The index plunged from record highs seen in late 2019 after the COVID-19 pandemic caused the worst economic contraction since the Great Depression. The data comes from about 95 lenders and investors, MBA said. trillion, the most since 2003, MBA said. The group’s Mortgage Credit Availability Index fell 4.7% 20 forecast.

Mortgage 545
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VA Approves Desktops and Exterior-Only Appraisals

Appraisal Today

Excerpts: Lending was not very prudent prior to the crash of 2008 as suggested by the trend in the median credit score (FICO), a measure for credit worthiness; for newly originated first-time purchase mortgages the median FICO score was 686 in Q1 2006 versus 740 in Q4 2020. The average contract interest rate for 5/1 ARMs decreased to 4.55

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Originators gear up for the purchase market

Housing Wire

But the boost in purchase business likely won’t be enough to prevent operational contraction: As margins shrink, lenders will likely have to lay off staff and renegotiate compensation. Lenders will have to “manage expenses and improve customer service in a purchase market,” Tom Wind, executive vice president of consumer lending with U.S.

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Economic Turbulence Prompts Seattle Area Market Concern vs. Year Ago

Will Springer Realtor

each month between 2003 and 2022.) The actions are fueled by a growing number of buyer contract cancellations, rising to 68% of all KB Home deals in Q4, up from only 13% in the same period a year ago. percentage points expected on its short-term lending rate.