Mortgage Applications Decrease As Interest Rates Increased In Latest MBA Weekly Survey
WASHINGTON, D.C. (February 20, 2008) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 15, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 822.8, a decrease of 22.6 percent on a seasonally adjusted basis from 1063.5 one week earlier. On an unadjusted basis, the Index decreased 21.2 percent compared with the previous week and was up 33.9 percent compared with the same week one year earlier.
Morgan Stanley Fires 1,000 Mortgage Workers Affecting U.S. And UK Markets
Morgan Stanley (NYSE: MS) announced today that it will scale back its residential mortgage operations in the U.S. in response to the continued deterioration of the mortgage markets. In addition, the Firm will discontinue its UK-based residential mortgage lending business, Advantage Home Loans. Approximately 1,000 employees in the U.S. and the UK will be affected by this restructuring.
Morgan Stanley will continue to service mortgage loans in the U.S. through its Saxon Mortgage Services, Inc. platform, based in Fort Worth, Texas. In addition, the Firm will still offer residential mortgages to its retail brokerage clients through Morgan Stanley Credit Corporation, preserving a successful partnership between the Institutional Securities business and Global Wealth Management.
Purchase Applications Increase In Latest MBA Weekly Survey
WASHINGTON, D.C. (February 6, 2008) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 1, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1086.6, an increase of 3.0 percent on a seasonally adjusted basis from 1054.9 one week earlier. On an unadjusted basis, the Index increased 4.4 percent compared with the previous week and was up 73.2 percent compared with the same week one year earlier.
Beazer Homes USA Exit’s Mortgage Origination Business
ATLANTA–(BUSINESS WIRE)–Feb. 1, 2008–Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced the discontinuation of mortgage origination services through Beazer Mortgage Corporation, establishment of a new marketing services arrangement with Countrywide Financial Corporation and conclusions from its previously announced comprehensive review of the Company’s markets. The Company also provided certain unaudited and preliminary first quarter financial and operating data.
Refinancing Apps Increase, Purchase Apps Decrease In Latest MBA Weekly Survey
WASHINGTON, D.C. (January 30, 2008) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1054.9, an increase of 7.5 percent on a seasonally adjusted basis from 981.5 one week earlier. On an unadjusted basis, the Index increased 10.5 percent compared with the previous week and was up 70.7 percent compared with the same week one year earlier.
5 Biggest U.S. Mortgage Lenders
DALLAS — (Jan. 28, 2008) Among the five biggest U.S. mortgage lenders last year, three saw their originations fall from the previous year, according to a preliminary analysis of earnings data by http://www.MortgageDaily.com.
Countrywide Financial Corp. maintained its standing as the No. 1 residential lender, with a reported $408.2 billion in residential production during 2007. But the mortgage behemoth saw a decline from 2006, when it reported $462.5 billion in volume.
A pending merger between California-based Countrywide and North Carolina-based Bank of America Corp. will create a company that is likely to originate in the neighborhood of between $425 billion and $475 billion a year — far more than any competitor.