Banks could originate 300,000 more home loans per quarter and face only a slightly higher risk of default, according to a new report. But lenders are unlikely to loosen lending standards until they are sure that Fannie, Freddie and the FHA have eased up on buyback requests.
The program helps non-FHA borrowers that are underwater refinance into FHA-insured loans.
Learn how one bank replaced its paper-based loan origination system with D+Hs Web-based MortgagebotLOS, and is keeping pace with compliance and customer needs.
Freddie Mac said that rates for 30-year, fixed-rate mortgages dropped this week to 3.97%.
Mortgage applications decreased last week as both refinance and purchase activity fell.
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