Mortgage Bankers Association

Short-term late payment rates rose again and later stage delinquencies remain at elevated levels compared to those prior to the pandemic, the Mortgage Bankers Association said.

After a one-week reprieve, mortgage activity waned again with decreased demand for refinances and extremely low inventory for homebuyers.

The modifiable templates are a follow-up to a similar notification the organization created in 2019 for lender use.

Inflation, an improving economy and the increased federal budget deficit make rate increase inevitable this year, the Mortgage Bankers Association said.

While purchase volume is seeing its usual seasonal pickup, lower rates caused a spike in activity among existing homeowners looking to refinance.

And with demand far outweighing supply, the average new-home purchase loan ascended to another record high.

But the percentage of weekly applications in that category was closer to 60%, the Mortgage Bankers Association found.

However, companies were largely unable to use that cash infusion to make investments that lower their costs, since they had to pay out more in compensation.

However, the number of borrowers who failed to remit payment but were not yet 30 days overdue increased.

Efforts to improve representation in the workforce have to be measurable in order to avoid becoming an empty trend, according to the Mortgage Bankers Association’s chief financial officer and diversity & inclusion officer.