Business, Optimal Blue, Originations Market Monitor, Reports and Studies

Spring Buying Season Kicks Off With an Uptick in Purchase Applications Despite Climbing Interest Rates

PLANO, Texas -- Today, Optimal Blue released its February 2024 Originations Market Monitor report, which reveals that the spring homebuying season has kicked off with a jump in monthly purchase mortgage locks. The seasonal spike in purchase locks propelled a net increase in origination activity, even as higher interest rates led to steep declines in mortgage refinances.

Key findings from the February 2024 Originations Market Monitor report, which reflects month-over-month changes in mortgage lock data, show:

* Lock activity up despite steep decline in refinances: Rate lock volumes saw a 5% increase due to a notable 8.3% increase in purchase activity. The rise in purchase activity outpaced the decrease in refinancing activity, which fell by 22.5% for rate/term refinances and 3.1% for cash-out refinances.

* Purchase market nearing its floor: Purchase lock counts, which control for changing home prices, rose 7%, a significant growth compared to the 2% increase in the same period last year during a similar uptick in interest rates. The 7% year-over-year decline in lock activity was the smallest such drop since the Fed began hiking interest rates in March 2022.

* Interest rate trend reverses: The benchmark Optimal Blue Mortgage Market Indices (OBMMI) observed an end to three consecutive months of rate declines - the result of strong economic readings, which significantly lowered market expectations of a near-term rate cut. The OBMMI 30-year conforming rate index rose 36 bps to 6.89%, FHA rose 28 bps to 6.66%, VA rose 41 bps to 6.50%, and jumbo rose 37 bps to 7.35%.

* Non-conforming products see gains: Non-conforming loan products, including jumbo and non-QM loans, claimed an additional 183 basis points of market share, ending the month with 11% of the total volume. Meanwhile, conforming loans maintained a steady 57%, with slight decreases in FHA and VA loans.

* ARMs become slightly more popular: The rate increase nudged the share of ARM loans up, though they still account for only 6% of total production volume. The current economic scenario, particularly the inverted yield curve, will likely constrain further demand growth for these products.

* Credit quality and loan amounts continue upward trend: Credit quality continued to improve across all loan products, except VA loans, which held steady. The average loan amount increased from $355.6K to $359.3K, while the average home purchase price climbed from $444.9K to $454.1K.

"As the spring buying season commenced, we saw a resurgence in purchase locks, despite the rise in interest rates," said Brennan O'Connell, director of data solutions at Optimal Blue. "Although lock counts were down on a year-over-year basis, the rate of decline is decelerating and suggests we may be nearing a floor for purchase lending in the current rate environment."

View the full February 2024 Originations Market Monitor report for more detail: https://www2.optimalblue.com/wp-content/uploads/2024/03/OB_OMM_FEB2024_Report.pdf

About the OMM Report:

Each month, Optimal Blue issues the Originations Market Monitor report, which provides early insight into U.S. mortgage trends. Leveraging lender rate lock data from the Optimal Blue PPE - the mortgage industry's most widely used product, pricing, and eligibility engine - the Originations Market Monitor provides a view of early-stage origination activity.

Nothing herein shall be construed as, nor is Optimal Blue providing, any legal, trading, hedging, or financial advice.

About Optimal Blue

Optimal Blue is a market leader in mortgage secondary marketing technology. The company facilitates transactions among mortgage market participants through its Marketplace Platform, actionable data, and technology vendor connections. The platform supports a range of functions for originators and investors to automate and optimize core processes related to product, pricing, and eligibility, hedge analytics, MSR valuation, loan trading, social media compliance, and counterparty oversight. The company's premier products are used by 68% of the top 500 mortgage lenders in the U.S.

For more information on Optimal Blue's end-to-end secondary marketing automation, visit https://OptimalBlue.com/.

Related link: https://www2.optimalblue.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Reports and Studies

MCT Reports a 20.9% Increase In Mortgage Lock Volume Amidst Rising Rates

SAN DIEGO, Calif. -- Mortgage Capital Trading, Inc. (MCT®), the de facto leader in innovative mortgage capital markets technology, has reported a 20.9% increase in mortgage lock volume in February compared to the previous month. To gain comprehensive insights into the market dynamics, industry professionals and enthusiasts are invited to download the complete report.

This month's increase comes against a backdrop of rising interest rates, a robust jobs market, and a stronger-than-predicted CPI report. Despite the prevailing market conditions, the twenty percent increase in mortgage lock volume showcases positive buyer sentiment within the industry. However, it's important to note that this month-over-month uptick represents a relative change, reflective of the traditionally slower winter buying season.

Looking ahead, the Federal Reserve will closely monitor forthcoming non-farm payroll and inflation reports to inform decisions regarding potential rate adjustments. Andrew Rhodes, Senior Director and Head of Trading at MCT, emphasized the significance of these impending reports, stating, "The upcoming non-farm payroll and CPI reports will have a significant impact on the decision for the upcoming Fed meeting in terms of forward guidance. If we continue to see higher than anticipated job and inflation reports, we could see market expectations start to push rate cuts out to Q3 or later which could act to depress mortgage volume."\Bottom of Form

To access the comprehensive insights provided by MCT's Lock Volume Indices, interested parties are encouraged to download the full report - https://mct-trading.com/press-release/20-percent-increase-mortgage-lock-volume-amidst-rising-rates/.

MCT's Lock Volume Indices present a snapshot of rate lock volume activity in the residential mortgage industry broken out by lock type (purchase, rate/term refinance, and cash out refinance) across a broad diversity of lenders (e.g., sizes, products/services offered, business models) from MCT's national footprint.

About MCT:

For over two decades, MCT has been a leading source of innovation for the mortgage secondary market. Melding deep subject matter expertise with a passion for emerging technologies and clients, MCT is the de facto leader in innovative mortgage capital markets technology. From architecting modern best execution loan sales to launching the most successful and advanced marketplace for mortgage-related assets, lenders, investors, and network partners all benefit from MCT's stewardship. MCT's technology and know-how continue to revolutionize how mortgage assets are priced, locked, hedged, traded, and valued - offering clients the tools to perform under any market condition.

For more information, visit https://mct-trading.com/ or call (619) 543-5111.

Related link: https://mct-trading.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Industrial SalesLeads Inc, Manufacturing, Reports and Studies

February 2024 Jumps to a Strong 150 New Industrial Manufacturing Planned Projects

JACKSONVILLE BEACH, Fla. -- Industrial SalesLeads announced today the February 2024 results for the new planned capital project spending report for the Industrial Manufacturing industry. The Firm tracks North American planned industrial capital project activity; including facility expansions, new plant construction and significant equipment modernization projects. Research confirms 150 new projects in the Industrial Manufacturing sector as compared to 150 in January 2024.

The following are selected highlights on new Industrial Manufacturing industry construction news.

Industrial Manufacturing - By Project Type

* Manufacturing/Production Facilities - 134 New Projects

* Distribution and Industrial Warehouse - 61 New Projects

Industrial Manufacturing - By Project Scope/Activity

* New Construction - 46 New Projects

* Expansion - 38 New Projects

* Renovations/Equipment Upgrades - 68 New Projects

* Plant Closings - 15 New Projects

Industrial Manufacturing - By Project Location (Top 10 States)

Ohio - 16

Indiana - 12

Georgia - 10

New York - 9

Texas - 8

Illinois - 7

Massachusetts - 7

Michigan - 7

North Carolina - 7

Quebec - 7

LARGEST PLANNED PROJECT

During the month of February, our research team identified 19 new Industrial Manufacturing facility construction projects with an estimated value of $100 million or more.

The largest project is owned by Micron Technology Inc., who is planning to invest $100 billion for the construction of a 7.2 million sf manufacturing complex in CLAY, NY. They are currently seeking approval for the project. Construction will occur in phases, with completion slated for 2030.

TOP 10 TRACKED INDUSTRIAL MANUFACTURING PROJECTS:

NEW YORK:
Semiconductor mfr. is planning to invest $12 billion for the construction of a 358,000 sf manufacturing facility on their manufacturing campus in MALTA, NY. The project includes the expansion of their existing plant. Construction is expected to start in 2025.

NORTH DAKOTA:
Mining company is planning to invest $2 billion for the construction of an iron manufacturing facility in UNDERWOOD, ND. They have recently received approval for the project.

NEW YORK:
EV mfr. is planning to invest $500 million for the expansion of their manufacturing facility in BUFFALO, NY. They are currently seeking approval for the project.

SOUTH CAROLINA:
Battery mfr. is planning to invest $500 million for the construction of a 500,000 sf manufacturing facility in GREENVILLE, SC. They are currently seeking approval for the project. Construction is expected to start in early 2025, with completion slated for late 2027.

FLORIDA:
Clean hydrogen and solar technology company is planning to invest $450 million for the construction of a hydrogen processing and solar panel manufacturing facility in KISSIMMEE, FL. Construction is expected to start in Summer 2024, with completion slated for 2027.

GEORGIA:
Solar panel glass mfr. and recycling company is planning to invest $344 million for the construction of a manufacturing facility in CEDARTOWN, GA. They are currently seeking approval for the project. Completion is slated for 2026.

WISCONSIN:
Plumbing equipment mfr. is planning to invest $340 million for the construction of a manufacturing facility in DICKEYVILLE, WI. They have recently received approval for the project. Completion is slated for 2026.

MARYLAND:
Biopharmaceutical company is planning to invest $300 million for the renovation and equipment upgrades on a recently leased 84,000 sf processing facility at 9950 Medical Center Dr. in ROCKVILLE, MD. Completion is slated for 2026.

WASHINGTON:
Wood pellet mfr. is planning to invest $250 million for the construction of a manufacturing facility in PORT OF LONGVIEW, WA. They are currently seeking approval for the project. Construction is expected to start in Summer 2024, with completion slated for early 2025.

INDIANA:
Recycled paper products mfr. is planning to invest $130 million for the construction of a 350,000 sf manufacturing and warehouse facility on Park Rd. in ANDERSON, IN. They are currently seeking approval for the project.

About Industrial SalesLeads, Inc.

Since 1959, Industrial SalesLeads, based in Jacksonville, FL is a leader in delivering industrial capital project intelligence and prospecting services for sales and marketing teams to ensure a predictable and scalable pipeline. Our Industrial Market Intelligence, IMI identifies timely insights on companies planning significant capital investments such as new construction, expansion, relocation, equipment modernization and plant closings in industrial facilities. The Outsourced Prospecting Services, an extension to your sales team, is designed to drive growth with qualified meetings and appointments for your internal sales team. Visit us at salesleadsinc.com.

Each month, our team provides hundreds of industrial reports within a variety of industries, including:

* Industrial Manufacturing

* Plastics

* Food and Beverage

* Metals

* Power Generation

* Pulp Paper and Wood

* Oil and Gas

* Mining and Aggregates

* Chemical

* Research and Development

* Distribution and Supply Chain

* Pipelines

* Pharmaceutical

* Misc. Industrial Buildings

* Waste Water Treatment

* Data Centers

LEARN MORE: https://www.salesleadsinc.com/industry/industrial-manufacturing/

Related link: https://www.salesleadsinc.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Industrial SalesLeads Inc, Reports and Studies

January 2024 Remains Steady with 66 New Food and Beverage Industry Planned Projects

JACKSONVILLE BEACH, Fla. -- SalesLeads announced today the January 2024 results for the new planned capital project spending report for the Food and Beverage industry. The Firm tracks North American planned industrial capital project activity; including facility expansions, new plant construction and significant equipment modernization projects. Research confirms 66 new projects in the Food and Beverage sector as compared to 67 in December 2023.

The following are selected highlights on new Food and Beverage industry construction news.

Food and Beverage Project Type

* Processing Facilities - 47 New Projects

* Distribution and Industrial Warehouse - 24 New Projects

Food and Beverage Project Scope/Activity

* New Construction - 24 New Projects

* Expansion - 16 New Projects

* Renovations/Equipment Upgrades - 29 New Projects

* Plant Closing - 4 New Projects

Food and Beverage Project Location (Top 10 States)

Florida - 9

California - 6

New York - 6

Michigan - 4

Ohio - 4

Pennsylvania - 4

Indiana - 3

Virginia - 3

Wisconsin - 3

Georgia - 2

LARGEST PLANNED PROJECT

During the month of January, our research team identified 3 new Food and Beverage facility construction projects with an estimated value of $100 million or more.

The largest project is owned by Natures Bakery, who is planning to invest $237 million for the construction of a 339,000 sf processing facility in SALT LAKE CITY, UT. They have recently received approval for the project. Completion is slated for Summer 2025.

Top 10 Tracked Food and Beverage Projects

ONTARIO:

Sugar producer is planning to invest $135 million for the construction of a processing facility in HAMILTON, ON. They are currently seeking approval for the project. Completion is slated for 2025.

CALIFORNIA:

Global retail chain is planning for the construction of a 1.8 million sf distribution and warehouse complex in TRACY, CA. They are currently seeking approval for the project.

NEBRASKA:

Meat processing company is planning to invest $43 million for the expansion of their processing facility in HASTINGS, NE by 11,000 sf. They are currently seeking approval for the project.

ARKANSAS:

Bakery company is planning to invest $37 million for the expansion and equipment upgrades on their processing facility at 2700 E. 3rd Street in HOPE, AR. They have recently received approval for the project.

WISCONSIN:

Candy mfr. is planning for the renovation and equipment upgrades on a recently leased 447,000 sf distribution center at 9403 136th Ave. in BRISTOL, WI. They will relocate a portion of their regional distribution operations upon completion in Summer 2024.

ILLINOIS:

Distillery is planning for the renovation and equipment upgrades on a 157,000 sf production and warehouse facility at 2400 SW Washington St. in PEORIA, IL. They are currently seeking approval for the project.

GEORGIA:

Herbal supplement mfr. is planning for the renovation and equipment upgrades on an 85,000 sf of warehouse space at 2323 Brown Rd. in BUFORD, GA. They are currently seeking approval for the project.

MICHIGAN:

Pickle products mfr. is planning to invest $10 million for the expansion of their processing and warehouse facility in LEXINGTON, MI. They are currently seeking approval for the project.

NORTH CAROLINA:

Distillery is planning to invest $10 million for the construction of a 28,000 sf production facility at 178 Old Airport Rd. in STATESVILLE, NC. They are currently seeking approval for the project.

FLORIDA:

Snack food mfr. is planning for the construction of a 104,000 sf distribution center at 9111 Cheetos Cir. in FORT MYERS, FL. They are currently seeking approval for the project.

About Industrial SalesLeads, Inc.

Since 1959, Industrial SalesLeads, based in Jacksonville, FL is a leader in delivering industrial capital project intelligence and prospecting services for sales and marketing teams to ensure a predictable and scalable pipeline. Our Industrial Market Intelligence identifies timely insights on companies planning significant capital investments such as new construction, expansion, relocation, equipment modernization and plant closings in industrial facilities. The Outsourced Prospecting Services, an extension to your sales team, is designed to drive growth with qualified meetings and appointments for your internal sales team. Visit us at salesleadsinc.com.

Each month, our team provides hundreds of industrial reports within a variety of industries, including:

* Industrial Manufacturing

* Plastics

* Food and Beverage

* Metals

* Power Generation

* Pulp Paper and Wood

* Oil and Gas

* Mining and Aggregates

* Chemical

* Research and Development

* Distribution and Supply Chain

* Pipelines

* Pharmaceutical

* Misc. Industrial Buildings

* Waste Water Treatment

* Data Centers

Learn more: https://www.salesleadsinc.com/industry/food-and-beverage/

Related link: https://www.salesleadsinc.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, mortgage origination data, Optimal Blue, Reports and Studies

Optimal Blue Originations Market Monitor: Lock Volume Rises 36% Month Over Month in January, Falling Rates and Slowing Decline in Purchase Counts May Signal Lending Relief in 2024

PLANO, Texas -- Today, Optimal Blue announced the release of its Originations Market Monitor report, looking at mortgage origination data through January month-end. Leveraging daily rate lock data from the Optimal Blue PPE - the industry's most widely used product, pricing, and eligibility engine - the Originations Market Monitor provides a comprehensive and timely view into origination activity.

"The new year kicked off with continued rate relief and a 36% month-over-month gain in total lock volume, driven by a seasonal 38% increase in purchase lock volume," said Brennan O'Connell, director of data solutions, Optimal Blue. "We also saw the smallest year-over-year decline in purchase lock counts since May 2022, which may foreshadow a stabilizing market and friendlier lending environment in 2024."

In addition to the month-over-month climb in purchase lock volume, cash-out and rate/term refinance volumes rose 30% and 20%, respectively. The Optimal Blue Mortgage Market Indices (OBMMI) 30-year conforming rate dropped 4 basis points (bps) in January to finish the month at 6.53% after a mid-month peak at 6.7%. FHA and VA rates also fell in January, dropping 4 bps and 3 bps, respectively, while jumbo rates moved in the other direction with an 11-bps increase since year-end.

Mortgage rates fell despite a month-over-month 15-bps increase in the 10-year Treasury yield in January, leading to a 19-bps narrowing of the mortgage-to-Treasury spread. At approximately 250 bps, the January spread reached levels unseen since mid-2022. While still elevated relative to historical averages, the spread has narrowed significantly since eclipsing 300 bps on multiple occasions in 2023.

Conforming products gained market share to start the year, rising 72 bps to account for 57.3% of total volume. Non-comforming products - including jumbo and non-QM - rose 27 bps to make up 9.7% of total volume. Ginnie Mae-eligible products moved inversely, however, with the FHA share dropping 87 bps and the VA share falling 13 bps, each representing 20.7% and 11.7% of total volume, respectively. The share of adjustable-rate mortgage (ARM) products stayed consistent at just above 5% of total volume. Improving rate conditions and an inverted yield curve have limited the demand for ARM loans.

The rise in lock volume coincided with a January climb in average credit scores across all products and loan purposes. The average loan amount also rose, increasing from $349.5K to $355.6K. Finally, after six consecutive months of decline, the average home purchase price rebounded, jumping from $435.9K to $444.9K.

Each month's Originations Market Monitor provides high-level origination metrics for the U.S. and the top 20 metropolitan statistical areas (MSAs) by share of total origination volume. View the Optimal Blue Originations Market Monitor report for more detail on January activity.

Nothing herein shall be construed as, nor is Optimal Blue providing, any legal, trading, hedging, or financial advice.

About Optimal Blue:

Optimal Blue is a market leader in mortgage secondary marketing technology. The company facilitates transactions among mortgage market participants through its Marketplace Platform, actionable data, and technology vendor connections. The platform supports a range of functions for originators and investors to automate and optimize core processes related to product, pricing, and eligibility, hedge analytics, MSR valuation, loan trading, social media compliance, and counterparty oversight. The company's premier products are used by 68% of the top 500 mortgage lenders in the U.S. For more information on Optimal Blue's end-to-end secondary marketing automation, visit OptimalBlue.com.

Related link: https://www2.optimalblue.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Construction and Building, Industrial SalesLeads Inc, Manufacturing, Reports and Studies

January 2024 Delivers a Slow 97 New Industrial Manufacturing Planned Projects

JACKSONVILLE BEACH, Fla. -- SalesLeads announced today the January 2024 results for the new planned capital project spending report for the Industrial Manufacturing industry. The Firm tracks North American planned industrial capital project activity; including facility expansions, new plant construction and significant equipment modernization projects. Research confirms 97 new projects in the Industrial Manufacturing sector as compared to 136 in December 2023.

The following are selected highlights on new Industrial Manufacturing industry construction news.

* Industrial Manufacturing - By Project Type

Manufacturing/Production Facilities - 85 New Projects

Distribution and Industrial Warehouse - 78 New Projects

* Industrial Manufacturing - By Project Scope/Activity

New Construction - 34 New Projects

Expansion - 30 New Projects

Renovations/Equipment Upgrades - 36 New Projects

Plant Closings - 14 New Projects

* Industrial Manufacturing - By Project Location (Top 10 States)

North Carolina - 11

Indiana - 7

Ontario - 7

Michigan - 6

California - 5

Ohio - 5

Washington - 5

Kentucky - 4

Massachusetts - 4

New York - 4

LARGEST PLANNED PROJECT

During the month of January, our research team identified 12 new Industrial Manufacturing facility construction projects with an estimated value of $100 million or more.

The largest project is owned by Honda Motor Company, who is planning to invest $14 billion for the construction of an EV battery manufacturing facility and is currently seeking a site in ONTARIO.

TOP 10 TRACKED INDUSTRIAL MANUFACTURING PROJECTS

MISSISSIPPI:

Energy technology company is planning to invest $2 billion for the construction of an EV battery manufacturing facility in MARSHALL COUNTY, MS. They are currently seeking approval for the project.

NORTH CAROLINA:

Diesel engine mfr. is planning to invest $580 million for the expansion and equipment upgrades on their manufacturing facility in WHITAKERS, NC. They are currently seeking approval for the project.

ILLINOIS:

Copper products mfr. is planning to invest $500 million for the expansion and equipment upgrades on their manufacturing facility in EAST ALTON, IL. They are currently seeking approval for the project.

CALIFORNIA:

Semiconductor mfr. is planning to invest $432 million for the construction of a manufacturing facility in WEST OAKLAND, CA. They are currently seeking approval for the project.

INDIANA:

Building materials mfr. is planning to invest $200 million for the construction of a 300,000 sf manufacturing facility in ANDERSON, IN. They are currently seeking approval for the project.

INDIANA:

Semiconductor mfr. is planning to invest $152 million for the renovation and equipment upgrades on a 170,000 sf manufacturing facility at 301 N. Curry Pike in BLOOMINGTON, IN. They have recently received approval for the project. Completion is slated for Fall 2024.

WISCONSIN:

Corrugated packaging product mfr. is planning to invest $140 million for the construction of a 550,000 sf manufacturing and warehouse facility at 9423 Koessl Court in PLEASANT PRAIRIE, WI. Construction is expected to start in Spring 2024.

CALIFORNIA:

EV mfr. is planning for the construction of a 630,000 sf manufacturing and office facility on Avenue H in LANCASTER, CA. They are currently seeking approval for the project.

NEW YORK:

Biotechnology company is planning to invest $100 million for the renovation of a 235,000 sf laboratory, processing, and office facility at 1 Avon Pl. in SUFFERN, NY. They have recently received approval for the project.

INDIANA:

Military agency is planning to invest $100 million for the construction of a munition manufacturing facility in CRANE, IN. They are currently seeking approval for the project.

About Industrial SalesLeads, Inc.

Since 1959, Industrial SalesLeads, based in Jacksonville, FL is a leader in delivering industrial capital project intelligence and prospecting services for sales and marketing teams to ensure a predictable and scalable pipeline. Our Industrial Market Intelligence identifies timely insights on companies planning significant capital investments such as new construction, expansion, relocation, equipment modernization and plant closings in industrial facilities. The Outsourced Prospecting Services, an extension to your sales team, is designed to drive growth with qualified meetings and appointments for your internal sales team. Visit us at salesleadsinc.com.

Each month, our team provides hundreds of industrial reports within a variety of industries, including:

* Industrial Manufacturing
* Plastics
* Food and Beverage
* Metals
* Power Generation
* Pulp Paper and Wood
* Oil and Gas
* Mining and Aggregates
* Chemical
* Research and Development
* Distribution and Supply Chain
* Pipelines
* Pharmaceutical
* Misc. Industrial Buildings
* Waste Water Treatment
* Data Centers

LEARN MORE: https://www.salesleadsinc.com/industry/industrial-manufacturing/

Related link: https://www.salesleadsinc.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Reports and Studies

Monthly Mortgage Volume Increases 13.96% In Latest MCT Indices Report

SAN DIEGO, Calif. -- Mortgage Capital Trading, Inc. (MCT®), the de facto leader in innovative mortgage capital markets technology, announced today an increase of 13.96% in mortgage lock volume compared to the previous month. To gain comprehensive insights into the market dynamics, industry professionals and enthusiasts are invited to download the complete report.

For the first time since June 2023, MCT® has observed month-over-month growth in total volume, purchase volume, rate/term refinances, and cash-out refinances. These figures come as the Federal Reserve has decided to maintain interest rates at their current level, with indications that a March rate cut may be unlikely as they persist in their pursuit of achieving 2% inflation.

While the rise in monthly volume across the board is a notable trend, the year-over-year comparison reveals relatively stable total volume. Phil Rasori, Chief Operating Officer at MCT, commented on the current landscape, stating, "The recent decrease in mortgage rates and increase in refinance volume hasn't yet made a meaningful impact compared to a year ago. However, we anticipate a shift in this scenario as we approach a potential Fed rate cut, unlocking the potential for increased refinance and total volume."

To access the comprehensive insights provided by MCT's Lock Volume Indices, interested parties are encouraged to download the full report - https://mct-trading.com/press-release/monthly-mortgage-volume-increases-13-96-in-latest-mct-indices-report/.

MCT's Lock Volume Indices present a snapshot of rate lock volume activity in the residential mortgage industry broken out by lock type (purchase, rate/term refinance, and cash out refinance) across a broad diversity of lenders (e.g., sizes, products/services offered, business models) from MCT's national footprint.

About MCT:

For over two decades, MCT has been a leading source of innovation for the mortgage secondary market. Melding deep subject matter expertise with a passion for emerging technologies and clients, MCT is the de facto leader in innovative mortgage capital markets technology. From architecting modern best execution loan sales to launching the most successful and advanced marketplace for mortgage-related assets, lenders, investors, and network partners all benefit from MCT's stewardship. MCT's technology and know-how continues to revolutionize how mortgage assets are priced, locked, protected, valued, and exchanged - offering clients the tools to thrive under any market condition.

For more information, visit https://mct-trading.com/ or call (619) 543-5111.

MULTIMEDIA:

Image link for media: https://mct-trading.com/wp-content/uploads/2024/02/mct-lock-volume-indices-7.png

Caption: Monthly Mortgage Volume Increases 13.96% In Latest MCT Indices Report

Related link: https://mct-trading.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Reports and Studies

LenderLogix Q4 2023 Homebuyer Intelligence Report Data Shows Steady Home Buying Activity

BUFFALO, N.Y. -- LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the fourth quarter (Q4) of 2023.

Pre-Approvals

In Q4 2023, borrowers generated 35,008 pre-approval letters through LenderLogix's QuickQual pre-approval platform, a decrease of 23% from Q3. The average number of pre-approved borrowers per loan officer decreased by 15% from 24 in Q3 to 20.4 in Q4.

The average pre-approval letter loan amount in Q4 decreased slightly by less than 1%, to $294,229, compared to Q3's average loan amount of $295,312. The average sales price also stayed nearly the same, increasing less than 1% from $345,031 in Q3 to $345,351 in Q4. The average down payment size shows a slight uptick, moving from 14.5% in Q3 to 14.8% in Q4.

Conventional loans remained the most popular loan type for pre-approved borrowers, with its share remaining steady at 75%. FHA pre-approvals declined incrementally to 18.5% versus 19% in Q3, as did VA (4%) and USDA share (1%).

"Our Q4 findings remain steady in comparison to Q3. With the challenges homebuyers face remaining the same between the two quarters, it's no surprise," said LenderLogix Co-Founder and CEO Patrick O'Brien. "As we gear up for the spring market, it's crucial for lenders to remain vigilant in acquiring the tools and resources essential for enhancing affordability in home buying and guiding potential borrowers through the process.

Borrower Conversion

Of the borrowers using QuickQual in Q4 2023, the average number of days between pre-approval and loan submission decreased to 86.9 days, compared to 89.8 days in Q3. The most prolonged duration between pre-approval and application decreased significantly from 1,274 days in Q3 to 612 days in Q4. Despite this significant change, the conversion from borrowers using QuickQual to loan application increased slightly from 53% in Q3 to 55% in Q4. Within this subset, borrowers generated an average of 8.45 pre-approval letters before converting.

"With the change in interest rates over the last quarter of 2023, borrowers are stepping off the sidelines," O'Brien added. "Given the Federal Reserve's announcement of several interest rate cuts to come in 2024, we can expect this kind of borrower activity to continue to rise."

Data from the Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit https://www.lenderlogix.com/

About LenderLogix

LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software to meet the needs of today's mortgage lenders. The company's suite of products addresses the speed at which today's real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.

Related link: https://www.lenderlogix.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, down payment assistance, housing equity, Reports and Studies

Down Payment Resource reports 135 homebuyer assistance programs were introduced in 2023 to combat the least affordable housing market in decades

ATLANTA, Ga. -- Down Payment Resource (DPR), the housing industry authority on homebuyer assistance program data and solutions, today released its Q4 2023 Homeownership Program Index (HPI) report. During a year when home affordability hit a nearly four-decade low, housing agencies introduced 135 homebuyer assistance programs and expanded eligible inventory to make homeownership more accessible.

"As the housing market grappled with historic affordability challenges in 2023, our HPI report reveals a critical response: the introduction of 135 innovative homebuyer assistance programs - a six-percent increase over the previous year. This surge in programs, which now totals 2,294 nationwide, represents a concerted effort by housing agencies to expand opportunities and break down barriers to homeownership," said Rob Chrane, Founder and CEO of DPR. "With a significant increase in programs for manufactured homes, multi-family properties, and specific buyer demographics like service members and Native Americans, this year's report underscores a growing commitment to diversify housing solutions and empower a broader spectrum of aspiring homeowners."

Key HPI Report Findings

An examination of the existing 2,294 homebuyer assistance programs on January 8, 2024, resulted in the following key findings:

* 804 programs allow for the purchase of a manufactured home, up 20% from the previous year. Housing agencies are expanding program eligibility to include more property types. Manufactured housing has a lower entry point than other types of homes and is helping many buyers get their foot in the door. DPR expects to see the number of programs that allow for manufactured housing continue to grow.

* 686 programs allow for the purchase of a multi-family property, up 8% from the previous year. Using DPA to purchase a multi-family property has become increasingly popular. This allows people to become homebuyers as well as investors - a strategy that has been called "house hacking" in recent years. In addition to completing a homebuyer education class, borrowers purchasing a multi-family home with homebuyer assistance typically have to go through classes on being a landlord to ensure long-term sustainability.

* 448 programs are funded by state Housing Finance Agencies (HFAs), up 2% from the previous year. Programs from state HFAs account for 20% of all programs.

- 86 programs are offered through Florida's State Housing Initiatives Partnership (SHIP), up 12 programs from Q4 2022. Florida Housing's SHIP program funds are distributed on an entitlement basis to all 67 counties and 55 Community Development Block Grant entitlement cities in Florida. SHIP dollars may be used to fund emergency repairs, new construction, rehabilitation, down payment and closing cost assistance, impact fees, construction and gap financing, mortgage buy-downs, acquisition of property for affordable housing, matching dollars for federal housing grants and programs, and homeownership counseling.

* 922 programs are available through municipalities, up 5% from the previous year. There has been steady growth in programs from municipalities, especially states with high home prices like California, where many homebuyers struggle with affordability.

* 475 DPA programs are available through nonprofits, up 15% from the previous year.

* 194 programs are "incentive" programs, meaning they target a segment of homebuyers by profession or ethnicity. In Q4 2023, there was a 47% increase in programs YoY for service members and Veterans and a 13% increase in programs targeting Native American homebuyers.

A more detailed analysis of the Q4 2023 HPI findings, including infographics and examples of the programs described in this release, can be found on DPR's website at: https://downpaymentresource.com/professional-resource/the-down-payment-resource-q4-2023-homeownership-program-index-report/.

For a complete list of homebuyer assistance programs by state, visit: https://downpaymentresource.com/wp-content/uploads/2024/01/HPI-state-by-state-data.Q42023.pdf.

Methodology

Published quarterly, DPR's HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,300 program providers throughout the year to track and update the country's wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates (MCCs) and affordable first mortgages, in the DOWN PAYMENT RESOURCE(r) database.

About Down Payment Resource:

Down Payment Resource (DPR) is the housing industry authority on homebuyer assistance program data and solutions. With a database that tracks more than 2,200 programs and toolsets for mortgage lenders, multiple listing services and API users, DPR helps housing professionals connect homebuyers with the assistance they need. DPR frequently lends its expertise to nonprofits, housing finance agencies, policymakers, government-sponsored enterprises and trade organizations seeking to improve housing affordability. Its technology is used by five of the top 10 retail mortgage lenders by volume, three of the four largest real estate listing websites and 600,000 real estate agents. For more information, visit https://downpaymentresource.com/.

Related link: https://www.downpaymentresource.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, digital mortgage tools, Reports and Studies

Floify shares findings from survey of 150 top-producing loan originators

BOULDER, Colo. -- Floify, the mortgage industry's leading point-of-sale (POS) solution, commissioned an independent study of 150 high-performing loan originators (LOs) in 2023 to gain recruiting and retention insights. "High-performing" LOs were defined as being in the top 20% of closed loan dollars or volume.

"With potential borrowers waiting on the sidelines because of high interest rates and rising home prices, it's never been more important to have high-performing loan officers on staff to bring in every last possible dollar. Our goal with this survey was to understand how employers can recruit, engage and retain top-producing loan officers in the context of current market conditions," said Sofia Rossato, Floify's president and general manager.

"From the survey results we see a disconnect from what employers may be offering their top producers and what motivates top producers to stay or look around for greener pastures," said Rossato. "Sometimes it's the simple things - healthcare, a fun work environment or a good work-life balance that LOs find motivating - but again and again we found support with the best technology available, training and the ability to customize their tech stack to be very important."

The survey found 89% of high-performing LOs said that not having access to digital mortgage tools is a reason to consider moving to a different company, while 95% said that flexibility to customize the technology they use is the top factor to their success. Ninety-three percent of top-performing LOs said they wanted a faster and easier way to collect documents from customers, but only 38% were "definitely happy" with their current method.

Among the survey's other key findings is that 89% of top-performing LOs would seriously consider leaving for another company if that company offered a 20% increase in compensation.

Full survey insights can be viewed here.

About Floify

Floify is a digital mortgage automation solution that streamlines the loan process by providing a secure application, communication and document portal between lenders, borrowers, referral partners, and other mortgage stakeholders. Loan originators use the platform to collect and verify borrower documentation, track loan progress, communicate with borrowers and real estate agents and close loans faster. The company is based in Boulder, Colorado and is a subsidiary of Porch Group, Inc. ("Porch Group") (NASDAQ: PRCH). For more information, visit the company's website at https://floify.com/ or on social media at Facebook, LinkedIn or Twitter / X.

Forward-looking statements

Certain statements in this release may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Although the Company believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Generally, statements that are not historical facts, including statements concerning the Company's possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "intends," or similar expressions.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Porch and its management at the time they are made, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) expansion plans and opportunities, and managing growth, to build a consumer brand; (2) the incidence, frequency, and severity of weather events, extensive wildfires, and other catastrophes; (3) economic conditions, especially those affecting the housing, insurance, and financial markets; (4) expectations regarding revenue, cost of revenue, operating expenses, and the ability to achieve and maintain future profitability; (5) existing and developing federal and state laws and regulations, including with respect to insurance, warranty, privacy, information security, data protection and taxation, and management's interpretation of and compliance with such laws and regulations; (6) the Company's reinsurance program, which includes the use of a captive reinsurer, the success of which is dependent on a number of factors outside management's control, along with reliance on reinsurance to protect us against loss; (7) uncertainties related to regulatory approval of insurance rates, policy forms, insurance products, license applications, acquisitions of businesses or strategic initiatives, including the reciprocal restructuring, and other matters within the purview of insurance regulators; (8) reliance on strategic, proprietary relationships to provide the Company with access to personal data and product information, and the ability to use such data and information to increase transaction volume and attract and retain customers; (9) the ability to develop new, or enhance existing, products, services, and features and bring them to market in a timely manner; (10) changes in capital requirements, and the ability to access capital when needed to provide statutory surplus; (11) the increased costs and initiatives required to address new legal and regulatory requirements arising from developments related to cybersecurity, privacy, and data governance and the increased costs and initiatives to protect against data breaches, cyber-attacks, virus or malware attacks, or other infiltrations or incidents affecting system integrity, availability and performance; (12) retaining and attracting skilled and experienced employees; (13) costs related to being a public company; and (14) other risks and uncertainties discussed in Part I, Item 1A, "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in Part II, Item 1A, "Risk Factors," in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, as well as those discussed in subsequent reports filed with the Securities and Exchange Commission ("SEC"), all of which are available on the SEC's website at www.sec.gov.

Nothing in this release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Porch does not undertake any duty to update these forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law.

Related link: https://floify.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022