In the fourth quarter, 45% of the homeowners who refinanced their homes got a mortgage at least 5% larger than the original loan, up from 34% in the previous quarter, according to Freddie Mac.The percentage was also higher than the 40% level recorded a year earlier, the government-sponsored enterprise said in its quarterly refinance review. "The atmosphere around refinancing changed in the fourth quarter as mortgage rates started rising from the 45-year lows of the summer," said Amy Crews Cutts, Freddie Mac's deputy chief economist. "Since most of those who could refinance for lower rates have already done so, the later-year market became more attractive primarily to those who want or need to take equity out of their homes."
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10