Mortgage Bankers Association

Mortgage applications increased 7.2% from one week earlier as consumers reacted to falling interest rates related to news regarding the coronavirus, according to the Mortgage Bankers Association.

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Lower rates spurred a lot of unexpected mortgage business in 2019 but credit unions need to prepare themselves for what happens once the boom ends.

Mortgage application activity slowed down this past week from its fast start to 2020, with a decrease of 1.2% from one week earlier, according to the Mortgage Bankers Association.

Mortgage loan officer compensation remained level year-over-year as an unexpected surge in originations surprised employers expecting it to be a down year, an LBA Ware report said.

Loan applications to purchase newly constructed homes rose over one-third annually during December as new residential construction recovered, according to the Mortgage Bankers Association.

Mortgage application activity increased 30.2% from one week earlier as purchases were at their highest level in over a decade along with substantial growth in refinancings, according to the Mortgage Bankers Association.

There was less credit available for the first time in four months in December, when lenders offered fewer conventional and government products, particularly Veterans Affairs-guaranteed loans, the Mortgage Bankers Association said.

Bolstered by a high demand by both lenders and borrowers, 2020's commercial and multifamily loan volume is anticipated to shoot well past last year's record total but adapting to the LIBOR and CECL shifts will provide challenges, according to the Mortgage Bankers Association.

Mortgage applications decreased 1.5% on a seasonally adjusted basis from two weeks earlier amid the annual end-of-year slowdown despite lower rates from global tensions, according to the Mortgage Bankers Association.