The volume of requests for conforming loans submitted online to Zillow's Mortgage Marketplace last week dropped 26% from the prior week. Last week 63% of requests were for purchase loans, 35% were for refinances and 2% were for home equity loans, according to Zillow. The week previous to last Zillow said 55% of requests were for purchase loans, 43% of requests were for refis and 2% were for home equity product.
The drop in the annual metric for FHA loans was the biggest in over four years but other performance indicators ICE Mortgage Technology tracked were mixed.
NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
Its origination volume of $621.8 million was an increase of $114 million compared with the first quarter but its gain-on-sale was 5 basis points lower.
The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
Though the crimes occurred earlier this decade, they highlight how much easier it has become to create false documents today, given the rise of artificial intelligence.
The "stay-put" economy, along with higher mortgage rates, is responsible for this shift where home equity and seconds have a 17.5% market share, Benutech found.
