Refinance

The critical defect rate for closed mortgage loans continued its decline in the second quarter, as lenders benefited from increased loan volume and profitability, an Aces Risk Management study found.

With housing projected to grow hand-in-hand with the economy, Fannie Mae boosted its single-family mortgage origination outlook for 2019, 2020 and 2021.

Mortgage applications decreased 5% from one week earlier as, absent any rate incentive, activity slowed because of the holiday season, according to the Mortgage Bankers Association.

Mortgage lenders became slightly bearish on their profitability outlook in the fourth quarter, with the competitive landscape and shift to a purchase market cited as the main concerns, according to Fannie Mae.

Mortgage application activity increased 3.8% from one week earlier, with refinance volume for Federal Housing Administration-insured loans taking the spotlight, the Mortgage Bankers Association said.

Florida-based depository Capital City Bank has struck a deal to purchase a 51% share in regional lender BrandMortgage.

More than half of the third quarter refinance activity was the cash-out variety, with borrowers removing the most total equity from their homes in nearly 12 years, according to Black Knight.

The availability of mortgage credit jumped in November from the previous month as jumbo activity and refinancing in the government market increased, according to the Mortgage Bankers Association.

Millennials took advantage of the low mortgage rate landscape in October, boosting their refinance share to a survey-record high, according to Ellie Mae.

Purchase mortgage application activity is at its highest level since this summer on a seasonally adjusted basis, and should remain strong in December, according to the Mortgage Bankers Association.