The Mortgage Bankers Association has lowered its forecast for 2014 mortgage originations nationwide.
A drop in refinancing activity, increased regulation and a sluggish market for purchase mortgages make 2014's first quarter discouraging.
Purchase mortgages are down 15% from MBA forecasts, but this winter's inclement weather is at least partly to blame.
This Opinion piece looks at how credit unions can better position themselves in a mortgage market skewing towards purchase and away from refinance.
From refinancing to new money mortgages but market overall continues to struggle.
Credit unions and other mortgage lenders faced an economic pinch in 2013 as rising interest rates began to squash demand for refinanced mortgage loans while demand for purchase money loans still struggled to grow.
Mortgage Bankers Association says its index showed uptick.
Delinquency rates drop, but older mortgages still troubled MBA says.
WASHINGTON—Richard Cordray, director of the Consumer Financial Protection Bureau, defended his agency’s qualified mortgage regulations against recent criticism during the Mortgage Bankers Association annual convention here Oct. 28. (See more coverage on page 3.)
WASHINGTON—Freddie Mac CEO Donald Layton urged housing finance executives Oct. 28 to focus less on the fate of his company and Fannie Mae and more on the lending infrastructure the two have marshaled.