Trends in Cash Out/Post-Purchase Financing; Affiliated Relationships

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Posted To: Pipeline Press

In spite of all the increased regulations and underwriting criteria that require borrowers to actually qualify, mortgage applications are hanging in there quite nicely. Today the MBA reported that last week's applications were +.2% with purchases and refis both up 0.3%. Conventional refis were off 1% but GNMA refis were up 8.2% - the highest level in 5 weeks. Purchase applications are up 18% from a year ago! Yesterday's commentary on home ownership trends attracted a note from Andrew Jakabovics from Enterprise Community Partners . "A quick comment on your history of free and clear ownership - It's not a surprise that as the homeownership rate rises, the share of owners free and clear will go down, since the new buyers are likely taking out mortgages to buy and will remain indebted for some...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/04242013-monarch-mortgage-imortgage.aspx

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