Mortgage News

• Non-QM Continues to Dominate

  Non-QM Continues to Dominate

  The post Non-QM Continues to Dominate appeared first on National Real Estate Post.

• Existing Home Sales Extend Slump, But Inventory Holds Annual Gain

  Existing home sales slipped in September, following a month in which sales were almost totally flat.  The National Association of Realtors® (NAR) said that closed transactions for existing single family homes, townhouses, condos, and cooperative apartments was at a seasonally adjusted rate of 5.15 million in September.  This was a 3.4 percent decline from both the July and August rate, both of which came in at 5.34 million units. The last month in which existing home sales posted a month-over-month gain was in March. Sales are now down 4.1 percent year-over-year from the September 2017 rate of 5.37 million.

• Purchase Share, FICOs, ARMs All Increasing -EllieMae

  The share of closed loans originated for home purchase continues to inch higher.  Ellie Mae, in its September Origination Insight Report, says that share jumped from 68 percent in August to 71 percent.   The upward trend in purchasing was most pronounced for FHA loans where the share rose 5 percentage points to 83 percent. For Conventional loans the share moved to 69 percent from 66 percent while there was only a 1-point increase in the VA share, to 73 percent.

  The distribution of loans did shift slightly for the first time in months. The VA and FHA shares of closed loans remained at 10 and 20 percent respectively but the Conventional shared dipped by 1 point to 65 percent.   The share of adjustable rate mortgages (ARMS) increased to 7.2 percent from 6.6 percent in August.