The three major hurricanes that caused devastation during August and September were largely responsible for the third-quarter increase in mortgage delinquencies. The seasonally adjusted delinquency rate of 4.88% was 64 basis points higher than the second quarter, according to the Mortgage Bankers Association’s National Delinquency Survey. The 30-day delinquency rate was responsible for 50 basis points of that increase, said Marina Walsh, the MBA’s vice president of industry analysis. Compared with one year ago, delinquencies were 36 basis points higher. “Hurricanes Harvey, Irma and Maria caused disruptions and destruction in numerous states,” Walsh said. “Florida, Texas, neighboring states, as well…
Posts Tagged ‘loan’
Purchase Lending Hits 10-Year High
Posted on September 12, 2017 by Laura Lam
During the second quarter of 2017, purchase originations jumped significantly even as refinances shrank, according to Black Knight Financial Services’ latest Mortgage Monitor report. First lien mortgages jumped 20% from the first quarter and 16% from last year to $467 billion in the second quarter. During the second quarter, refis fell 20%, or $37 billion, from the second quarter to 31% of the market share of originations, the lowest level in 16 years. However, the 57% quarterly surge in purchase originations more than made up for the fall in refis. This is an increase of 6% from last year to $321…
Customers Continue to Value Bank Branches
Posted on July 28, 2017 by Laura Lam
While direct-bank customers rate their banks comparatively high, consumers and small businesses nevertheless continue to show a strong demand for the personal touch. Community banks and other brick-and-mortar institutions, which offer services to a broad consumer base, won’t be heading for extinction anytime soon. Despite the widespread adoption of digital banking, consumers remain financial services omnivores. A recent J.D. Power survey found that 71% of all bank customers visited a branch over the past year, 14 times on average. Even among the tech-savvy millennial generation, 71% visited a branch, with an average of 11 visits, compared with 49% who use mobile banking. These…