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CNBC's Rick Santelli's Chicago Tea Party

RIck Santelli discussing Obama's Mortgage Plan ... Heritage Foundation ... "rick santelli" cnbc "heritage foundation&quot ...

Loan Application Defect and Fraud Risk Drops as Home Purchases Take Higher Share of Mortgage Market

May 2018 Loan Application Defect Index

The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications decreased by 2.4 percent compared with the previous month. Compared with May 2017, the Defect Index decreased by 3.6 percent. The Defect Index is down 21.6 percent from the high point of risk in October 2013. The Defect Index for refinance transactions remained the same compared with the previous month, and is 4.4 percent higher than a year ago. The Defect Index for purchase transactions decreased by 4.6 percent compared with the previous month, and is down 7.8 percent compared with a year ago.

Chief Economist Analysis: Despite the fact that market share for purchase transactions is increasing, we’re seeing a decrease in defect and fraud risk

“By now, everyone in the mortgage industry is aware that we are entering a market that will be dominated by purchase demand for the next several years,” said Mark Fleming, chief economist at First American. “According to the latest Mortgage Bankers Association forecast , refinance transactions will make up 28 percent of total mortgages originated in 2018 and is forecasted to drop to 23 percent by 2020. This is, of course, due to the current environment of increasing mortgage rates that follows years of persistently low rates. Until last month, the average rate for a 30-year fixed mortgage had remained below 4.5 percent for 80 consecutive months. And since most homeowners have benefited from the low-rate environment, they now have little financial incentive to refinance, or sell and buy again,” said Fleming. “With mortgage rates continuing to rise, the financial value of keeping their current low-rate mortgages is likely to increase.

House Prices Continue to Rise, but House-Buying Power Still near Historic Highs, According to First American Real ...

April 2018 Real House Price Index

Real house prices increased 0.5 percent between March 2018 and April 2018. Real house prices increased 8.8 percent year over year. Consumer house-buying power, how much one can buy based on changes in income and interest rates, declined 0.1 percent between March 2018 and April 2018, and declined 2.1 percent year over year. Real house prices are 32.1 percent below their housing boom peak in July 2006 and 8.7 percent below the level of prices in January 2000. Unadjusted house prices increased by 6.6 percent in April on a year-over-year basis and are 9.2 percent above the housing boom peak in 2007.

Chief Economist Analysis: House Prices, When Adjusted for Consumer Buying Power, Aren’t Even Close to Their Historic Peak

“The Real House Price Index (RHPI) views house prices in relation to consumer house-buying power, incorporating household income, mortgage rates and an unadjusted house price index,” said Mark Fleming, chief economist at First American. “When incomes rise, consumer house-buying power increases. When mortgage rates or house prices rise, consumer house-buying power declines.

Why is the Obama government starting the next housing bubble?

Seriously foloks, this reeks of stupid.

Among other remedies: favorable interest rates and down-payment assistance for minority borrowers with weak credit.

It's part of Barry's plan to destroy the U.S.