Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.
- After a few weeks of increases, mortgage applications decreased 4.1% from the previous week, according to the Weekly Mortgage Applications Survey from the Mortgage Bankers Association’s (MBA) for the week ending March 31, 2023. Mike Fratantoni, MBA’s SVP and chief economist, commented that “Spring has arrived, but the housing market is missing the customary burst in listings and purchase activity that typically mark the season.”
- Mortgage delinquencies decreased 0.2 percentage points from December to January, according to the latest data from CoreLogic. Overall, January’s Loan Performance Insights Report found that 2.8% of mortgages were in delinquency. Molly Boesel, principal economist at CoreLogic, commented that “Despite the drop in overall delinquencies, the foreclosure rate has slowly crept up. Although it remains near an all-time low, about 30,000 more U.S. homeowners are now involved in the foreclosure process.”
- Guaranteed Rate announced that it has more top originators than any other mortgage company on Scotsman Guide’s annual list for the 11th consecutive year. The Guaranteed Rate family of companies has 206 originators ranked for Top Dollar Volume and 220 originators ranked for Most Loans Closed on the 2022 list.
- Rocket Companies unveiled their new BUY+ program this week. Buyers who use a Rocket Homes agent to find their home, and use Rocket Mortgage for financing, can receive a 1.5% credit of their loan amount to put towards closing costs. Bob Walters, CEO of Rocket Mortgage, commented that “With BUY+, Rocket Mortgage is making this process a lot easier to achieve, lowering a hurdle for those who are ready for a home of their own.”
