Mortgage Blog

Industry News Updates -- August 22,2013

August 22nd, 2013 9:22 AM by Eric Fang

1)Lenders are cutting mortgage related job.
Wells Fargo announced that they will layoff
around 2200 jobs for the next a few months.

2)Mortgage Lenders Lower Standards.
Faced with declining originations, mortgage
bankers lowered their lending standards last
month across the board -- approving borrowers
with lower credit scores, higher loan-to-value
ratios and higher debt-to-income ratios.
Refinance share plunged to the lowest level
in at least two years.

3)Home Prices Hit Best Level since Feb 2005.
Though this is in the news, some areas already
hit all time high, some area still at the 2007-2008
price levels. Even though the current interest
rate is higher, it is still indeed low compared
to the history levels.

4)7.4% unemployment rate is still not good enough.
The economy recovery, the home sales needs
more jobs to support.

Posted in:General
Posted by Eric Fang on August 22nd, 2013 9:22 AM



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