Mortgage applications

The drop in home buying power heightened the risk of misrepresentations on purchase mortgage loan applications during November, as consumers are more willing to fudge information in an uncertain market, First American Financial said.

Mortgage applications decreased 5.3% on a seasonally adjusted basis from one week earlier led by a decline in conventional refinance loan demand, according to the Mortgage Bankers Association.

Mortgage applications decreased 5% from one week earlier as, absent any rate incentive, activity slowed because of the holiday season, according to the Mortgage Bankers Association.

Even with an increase in both new and existing home construction activity during November, the slowdown over the previous 11 months will constrain inventory going into 2020, according to BuildFax.

Figure Technologies appears to be one of the few companies to find a viable use case for blockchain in the financial industry — cutting down the costs associated with loan origination.

The SoFi co-founder said Figure Technologies is working with national banks to employ its distributed ledger tech for loan originations.

Mortgage application activity increased 3.8% from one week earlier, with refinance volume for Federal Housing Administration-insured loans taking the spotlight, the Mortgage Bankers Association said.

The prequalification letter is a great way to move borrowers from casual tire kickers to committed applicants, but advances in digital verification will soon make it obsolete.

Wealthfront will add third-party mortgages to its investing platform, while Varo Money says robo advice and mortgages are in its long-term plans.

Purchase mortgage application activity is at its highest level since this summer on a seasonally adjusted basis, and should remain strong in December, according to the Mortgage Bankers Association.