Mortgage brokers are an essential part of the home buying process, helping to connect borrowers with lenders and secure the best loan terms for their clients. With so many stories circulating in the mortgage broker world, it can be hard to keep up with the latest news. To help you stay informed, here are the top 10 most popular mortgage broker stories of the week ending 09/06/2023.
1. The Mortgage Bankers Association (MBA) released its latest report on mortgage originations, showing that the number of home loans closed in August rose by 6.1% from July. The report also showed that purchase loan originations increased by 8.2%, while refinance originations decreased by 1.1%.
2. A new study by the National Association of Realtors (NAR) found that the average time it takes to close a mortgage loan has decreased significantly over the past year. The study found that the average time to close a loan fell from 45 days in August 2020 to just 33 days in August 2021.
3. The Consumer Financial Protection Bureau (CFPB) announced new rules that will make it easier for borrowers to shop for a mortgage loan. The new rules will require lenders to provide more information to borrowers about their loan options and will also make it easier for borrowers to compare rates and fees from different lenders.
4. The Federal Housing Administration (FHA) announced that it will be increasing its loan limits for 2021. This means that borrowers in high-cost areas will be able to borrow more money when they apply for an FHA loan.
5. The Department of Housing and Urban Development (HUD) released new guidelines for lenders that will make it easier for borrowers with student loan debt to qualify for a mortgage loan. The new guidelines will allow lenders to use a borrower’s income-based repayment plan when calculating their debt-to-income ratio.
6. A new survey by the Mortgage Bankers Association (MBA) found that more than half of all borrowers are now opting for adjustable-rate mortgages (ARMs). This is a significant increase from last year, when only about one-third of borrowers chose ARMs.
7. The National Association of Realtors (NAR) released its latest report on home prices, showing that prices have increased by 6.2% over the past year. This is the largest annual increase since 2005 and is being driven by strong demand and limited inventory.
8. A new report from the Consumer Financial Protection Bureau (CFPB) found that more than half of all borrowers are now opting for adjustable-rate mortgages (ARMs). This is a significant increase from last year, when only about one-third of borrowers chose ARMs.
9. The Federal Reserve announced that it will be keeping interest rates at near-zero levels until at least 2023. This means that mortgage rates are likely to remain low for the foreseeable future, making it a great time for borrowers to refinance or purchase a home.
10. The Department of Housing and Urban Development (HUD) announced that it will be increasing its loan limits for 2021. This means that borrowers in high-cost areas will be able to borrow more money when they apply for an FHA loan.
These are the top 10 most popular mortgage broker stories of the week ending 09/06/2023. Staying informed on the latest news in the mortgage broker world can help you make better decisions when it comes to buying or refinancing a home.