Interested in seeing where the hot spots are in mortgage originations? Here are some interesting stats that we are seeing in the data right now.
MB Insider July 8th:
We are back again with this week's data trends to tell you what's up in the mortgage industry, and how to make the most of the current market.
Disclaimer: These are numbers that we are seeing in the MonitorBase platform and does not necessarily represent stats for the entire country. Although, this should give you a good idea of some interesting trends, and hopefully helps in your current origination efforts.
Not a ton of change over the past few weeks, there has been a lot of refinance activity along with a decent amount of purchase activity. Purchase activity is lower than last year because the housing inventory is so low. There has been a slight increase in jumbo loans, which could be due to some jumbo products coming back onto the market.
New mortgages are refinancing than older mortgages, meaning your EPO risk is still high. It’s really important right now to keep an eye on the clients you’ve funded over the past 18 months to make sure if they refinance, they are refinancing with you. Turn on your inquiry and predictive MonitorBase alerts to be sure that if one of your clients is back in the market, you'll be the first to know.
|
Age of mortgage |
% of total inquiry alerts |
|
1-12 months |
23.84% |
|
13-24 months |
12.70% |
|
25-36 months |
13.07% |
|
37-48 months |
12.47% |
|
49-60 months |
7.17% |
Credit scores are still in the higher range this week, with about three quarters of all mortgage applicants having a credit score of over 700.
|
Score Range |
% of total inquiry alerts |
|
700+ |
74.50% |
|
640-699 |
14.50% |
|
620-639 |
3.21% |
|
580-619 |
3.79% |
|
350-579 |
3.99% |
There are a few things we've noticed during refinance booms in the past: 1. So many refinances can get piled up on an LO's desk, leaving them less time to connect with their referral partners and first time buyers, leaving them feeling neglected. 2. This creates a great opportunity for you to get new referral partners and build up your pipeline of first time buyers. Make sure you are making your referral partners feel appreciated, and create new relationships with others who may be getting left out during this refi boom. Even though inventory is low, there are still buyers in the market, and they still want to know what they need to be doing and to get educated on the home buying process. Build up this pipeline so that whenever there is more inventory in the future, you’re ready and there for these buyers.
To see more mortgage trend updates like this, subscribe to the MonitorBase Blog at the top of the page or join our MonitorBase Insider Facebook Group.
Share this report with friends, colleges, or someone who might be interested. See you next week!