ARMs

Another adjustable-rate mortgage index is going away as the Federal Home Loan Bank of San Francisco will no longer publish the monthly Eleventh District Cost of Funds Index after January 2020.

Fannie Mae has priced more securities that support a transition away from the London interbank offered rate.

As mortgage rates recently hit their highest point in seven years, closed refinances fell back to their low point of 2018, according to Ellie Mae.

Providing borrowers with an incentive to create financial reserves after closing is a better tool to prevent mortgage loan defaults than measures taken at underwriting, a JPMorgan Chase Institute study declared.

As mortgage rates remained mostly tepid throughout the summer, closed refinances had their first month of growth in August, according to Ellie Mae.

A new study from Pentagon Federal Credit Union finds a sizable portion of consumers will be shopping for a mortgage within two years, but it also revealed some major misconceptions surrounding the process.

Purchase-loan share held steady month-to-month for the first time this year, even though it is still above year-ago levels in line with a seasonal decline, but growth remains in the forecast.

Fannie Mae has issued securities supporting the transition away from the London interbank offered rate; something that could become more pressing for lenders if adjustable-rate mortgages were to become more prevalent.

The number of nonbank lenders and servicers that did not comply with the California Residential Mortgage Lending Act Annual Report requirements grew this year, prompting a reprimand and warning of penalties from the commissioner of the state's Department of Business Oversight.

Businesses are investing more, people are finding jobs, and inflation is picking up, meaning higher interest rates for homebuyers.