Mortgage applications

Additional mortgage-backed securities purchases by the Federal Reserve Bank of New York will address private investor skittishness about the asset class, but it will not necessarily lower rates.

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

A dip in conventional mortgage refinance demand drove mortgage application volume down compared with one week earlier, according to the Mortgage Bankers Association.

FICO plans to release a new suite of scores that could reduce defaults on newly originated mortgages by 17%, but home lenders may not use it unless the government-sponsored enterprises do.

Consumer perception of the housing market ticked up slightly in December, as potential buyers remain bullish about making a home purchase in 2020, a Fannie Mae report said.

The SoFi co-founder said Figure Technologies is working with national banks to employ its distributed ledger tech for loan originations.

Wealthfront will add third-party mortgages to its investing platform, while Varo Money says robo advice and mortgages are in its long-term plans.

Loan defect risk in purchase applications stopped falling and plateaued in October, according to First American Financial Corp.

Mortgage rates rose for the first time since the middle of July, but that, along with continued consumer worries about the economy, helped to reduce application activity from the prior week.

The refinance share of mortgage applications climbed to the highest level since January 2018 as the average 30-year fixed interest rate continued tumbling, according to the Mortgage Bankers Association.