Federal Reserve rate cuts have prompted a surge in refinancing applications but many mortgage lenders are waiting to see the appraisal reports in two or three weeks before counting their chickens. "Business is booming on refis but they are all wondering what the values are going to be. That is the wildcard," said mortgage banking consultant Brian Chappelle. Lenders also are concerned the American consumers are tapped out, he said, and don't have the savings to pay down the mortgage if the appraisal comes in a little low or even cover the closing costs. But researchers at Friedman Billings Ramsey Investment Management insist there are plenty of qualified borrowers that will be able to refinance. And they expect the 2008 refinancing wave will match the wave of 2001. "We expect the current surge in refinancing to persist as long as agency and non-agency mortgage rates remain below the critical thresholds of 6% and 7% respectfully," FBRIM managing director Michael Youngblood said.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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