The Mortgage Bankers Association revises its 2014 purchase money forecast after lending lags this year.
Mortgage applications rose during week ending 10/11, but applications for purchase money dropped, association said.
Nationally, credit unions have become a much more active participant in the first mortgage business and increased their market share of closed first-mortgage loans from the traditionally insignificant 2% to an attention grabbing 8% in the second half of last year. Interest rates have remained at historic lows the past...
Credit unions may have their best opportunity ever to boost the portion of mortgage loans that actually go to purchase homes as opposed to loans that refinance previous notes.