article thumbnail

Southern states had the highest mortgage denial rates in 2023: NAR

Housing Wire

Mortgage denial rates vary significantly across the U.S., Three Southern states recorded the nations highest mortgage denial rates in 2023, the trade group reported in its Snapshot of Race and Home Buying in America. Realtor.com chief economist Danielle Hale explained that a range of financial factors contribute to mortgage denials.

article thumbnail

More homebuyers seek government-backed loans as an affordability lifeline

Housing Wire

The combined cost of mortgages, taxes and insurance now takes up a larger share of household income than it has since the early 1980s, according to an affordability index from John Burns Research & Consulting. I think the same could be said for most in my industry, she added. Sean Zalmanoff, founder and chief loan officer at St.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Refi activity surged in March, and non-agency loans are picking up steam

Housing Wire

A strong wave of refinance activity and renewed buyer interest lifted mortgage rate lock volumes in March, according to Optimal Blues latest Market Advantage report. While total mortgage volume remains down 2% compared to the same time last year, purchase lock activity also saw a 21% monthly increase. of total lock volume.

Loans 315
article thumbnail

Mortgage quality control report reveals sharp rise in insurance defects

Housing Wire

The overall defect rate for mortgages declined across all loan types between the second and third quarters of 2024. The Q3 2024 report utilized reviews and defect data that were based on mortgage audits chosen by lenders for full file reviews.

article thumbnail

Cause for concern? FHA, VA delinquencies are rising quickly

Housing Wire

New data released Thursday by the Mortgage Bankers Association (MBA) revealed that the delinquency rate for mortgages on one- to four-unit residential properties increased to a seasonally adjusted rate of 3.98% of all loans outstanding at the end of 2024.

VA loan 398
article thumbnail

Homebuyers are taking more risks in an obstacle-filled market

Housing Wire

housing market remains challenging for prospective buyers as concerns over mortgage rates , home prices and affordability persist in 2025. A NerdWallet report with second-quarter 2024 data found that the average monthly housing payment was $3,500 or 49% of the median income for those in the typical first-time homebuyer age group.

article thumbnail

Buy now, pay later: How do mortgage pros deal with ‘phantom debt’?

Housing Wire

Earlier this year, New Jersey-based mortgage broker Joe Racamato, president of Silex Financial Group Inc., Traditionally, Silex Financial Group ran the initial numbers for a potential borrower to qualify for a mortgage based on what’s on their credit report, according to Racamato. Meanwhile, BNPL loans are growing rapidly. “But,