Mortgage applications

Hawaii's booming economy contributed to the Honolulu bank's 10% increase in loans and 9% increase in deposits in the third quarter.

Mortgage applications increased 3.6% from one week earlier even though rates remained mostly flat during the period, according to the Mortgage Bankers Association.

The share of mortgage refinance applications dropped below 50% for the first time since the start of September, as interest rates rose to a six-week high.

A change in the formula that banks use to calculate borrowers’ debt-to-income ratios, announced by Fannie Mae in April, appears to be spurring more lending.

A decline in refinancing applications offset the gain in purchase activity, leading to an overall drop in application activity of 0.4% from one week earlier.

The bank plans to contact all customers who paid fees for rate lock extensions during a three-and-a-half-year period and to refund any who believe they should not have been charged.

Stephen Sessler, the director of mortgage banking at the $4 billion-asset Camden National Bank, provides other lenders a peek at the benefits and pitfalls of digital mortgages.

The share of purchase and refinance loans originated by nonbanks are at their highest point since at least 1995, according to an analysis of new Home Mortgage Disclosure Act data.

Mortgage application activity decreased 0.5% from one week earlier as a decline in refinance volume was only partially offset by an increase in purchases.

Mortgage application activity decreased from one week earlier due to normal seasonal trends, according to the Mortgage Bankers Association.