Mortgage Lending Fell 10% in 2011 to Lowest Point in 16 Years

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Posted To: MND NewsWire

Data on lending activity during 2011 at 7,632 financial institutions that are covered by the Home Mortgage Disclosure Act ( HDMA ) was released today and showed continued heavy reliance on FHA-backed mortgage loans. The data came from the Federal Financial Institutions Examination Council ( FFIEC ) and covered banks, savings associations, credit unions, and mortgage companies. The activity monitored including mortgage applications, originations, purchases and sales of loans. The total number of originated loans of all types and purposes reported fell by about 780,000, or 10 percent, from 2010 , in part because of a 13 percent decline in refinancing . Home purchase lending also fell, but by a more modest 5 percent. The FHA-related lending that increased several years ago with the onset of problems...(read more)

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Source: www.mortgagenewsdaily.com

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