Origination

Purchases of new single-family homes increased 20.7% last month to a 1.02 million annualized pace after an upwardly revised 846,000 rate in the prior month, government data showed Friday.

The ritzy east end of Long Island is somehow still throwing up more high-end listings to meet demand.

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

“We know that home prices have been rising, mortgage rates inching higher, housing affordability becoming much more challenging, however I would say the softening sales activity is not due to demand going away,” Lawrence Yun, NAR’s chief economist.

The persistently slow reduction in the number of borrowers at risk of default indicates that while loan performance overall is improving, a substantial pool of mortgages will need workouts when forbearance ends.

While it’s the third straight week of a downward trend, borrowers likely have only a brief opportunity to take advantage of sub-3% rates before a reversal comes.

Given the Biden Administration’s regulatory emphasis on the disparate impact of mortgage lender activity on protected classes, originators need to carefully monitor their loan price concessions, according to industry speakers at the Mortgage Bankers Association's Spring Conference.

The busiest season for home buying took off with a bang last month, as fierce competition among buyers drove prices up and sales soared to one of the highest levels in years.

Although the company’s revenue and incomes spiked from year-ago levels, most benchmarks showed a decline from the fourth quarter.

Carson was also named a member of the company's nominating and governance, audit and compensation committees.