Mortgage rates have reversed course and reached a new high last seen seven years ago as the yield on the 10-year Treasury crossed the 3% threshold this week, according to Freddie Mac.
After originating more than $1 billion in loans outside the ability-to-repay rule's Qualified Mortgage safe harbor last year, Angel Oak is planning to originate at least twice that in 2018.
Mortgage rates were unchanged over the past week, but appear to be headed higher with a robust summer home sales season expected, according to Freddie Mac.
Mortgage credit availability was unchanged in April, as originators tightened their government lending programs but made more jumbo offerings available.
In a bid to cut time and costs from the mortgage process, Fannie Mae is testing whether appraisers can accurately determine a home's value without actually visiting the property.
Preferred Bank's experience with an apartment developer is a reminder of how important strict underwriting terms will be as loan demand increases, rates rise and lenders try to outdo each other.
Demands for loan quality aren't just coming from regulators and the government-sponsored enterprises. Secondary market partners and investors don't want to be left holding the bag if loans that lenders create have quality issues.
Fannie Mae's first-quarter profits were enough for it to rebuild its minimum capital buffer and pay the Treasury Department dividend after being forced to take a draw during the previous fiscal period.
In its latest effort to reach first time home buyers, Freddie Mac is launching a new 3% down payment program that casts aside a number of restrictions in its existing low down payment offerings.
