Happy Thanksgiving to our clients and associates

To all PrivoCorp's clients and associates.

Hope Black Friday was great!!

Mortgage Apps are up 10.3%

Mortgage applications jumped 10.3% for the week ending Nov. 4, a sign that continued low interest rates are starting to entice consumers, according to new figures compiled by the Mortgage Bankers Association and contract mortgage processors like PrivoCorp are happy about the volumes ...

According to the MBA, refis are now 78.6% which is a good sign given that lending standards are higher and more people are getting their homes refinanced to capitalize on the lower interest rates in the country. This means that borrowers now have the ability to keep more income to themselves to either save or for other consumption activity which will be good for the economy as a whole.

PrivoCorp - is one of the fastest growing contract mortgage processing companies based out of Austin TX

Metlife exiting as well?

Metlife has been one of the more active lenders in the market these days. After 3 years of hard work in the market, Metlife had become the 12th largest in the space. It would be nice to understand the real reason for the decision to exit the residential mortgage space. Watch this blog for more details.

PrivoCorp has processed mortgages that have been placed with Metlife, but not worked with Metlife directly. PrivoCorp is a contract mortgage processing company that is licensed in various states in the country.

Largest warehouse lender this past Q

Bank of America ranked first among all warehouse providers in the second quarter with $12 billion of funding commitments, a 20% decline from a year ago, according to figures compiled by PrivoCorp from different sources on the web.

Finally, Mortgage Applications Pick Up Steam

According to a report in National mortgage news,

After several weeks of application declines, it appears that low interest rates are finally causing an increase in new business.

According to new figures compiled by the Mortgage Bankers Association, loan applications increased on a sequential basis by 6.3% for the week ending Sept. 9. (The figures, which are seasonally adjusted, also take into account the Labor Day holiday.)

Refinance applications continued to dominate, accounting for 77.3% of all new business, compared to 77.1% one week prior.

As expected, consumers continue to favor 30-year and 15-year fixed rate products. MBA found that the average contract rate for a 30-year FRM declined 6 basis points during the week to 4.17%, setting another all time low. Points decreased to 0.94 from 1.04 (including the origination fee) for 80% loan-to-value ratio loans.

MBA tracks activity through its proprietary application index.

Read more - http://www.nationalmortgagenews.com/dailybriefing/2010_431/mortgage-applications-up-1026545-1.html