Mortgage applications rose 3 percent for the week and were 4 percent higher compared with the same week one year ago, with more listings coming into the market, which may be helping to boost sales. The national homeownership rate rose to 64.4% in the third quarter, the Census Bureau said on Oct. 30. That’s a half-percentage point higher than a year ago but still a long way off from the all-time peak of 69.1% in 2004.
Home prices are still high and continue to rise, but given the high demand for housing, mortgage volume should be considerably higher, although rising mortgage rates are eating away at already strained affordability.
“Rates rose last week as investors looked past US-China trade tariffs and toward this week’s Fed meeting,” said Joel Kan, an economist with the Mortgage Bankers Association. “Treasury yields increased 8 basis points for the week, as the growth outlook for the U.S. remained positive, and data on housing starts and home sales showed a reprieve after a few months of weak results.”
Angel Oak Mortgage Solutions Can Help
At Angel Oak Mortgage Solutions, we offer alternative mortgage lending wholesale programs to help non-prime borrowers who may not meet government agency financing guidelines, and assist in expanding offerings across the wholesale correspondent lending market. We tailor correspondent packages to directly support correspondent lenders interested in our top non-prime mortgage loans, and believe correspondent lenders are an integral part of the wholesale alternative mortgage lending process.
Angel Oak Mortgage Solutions stands out by being the #1 non-QM lender in the nation. With our guidance, you’ll be able to expand your product offering and grow your business with our tailored programs. We offer a number of alternative mortgage lending programs geared toward correspondent mortgage lenders.
Non-QM mortgage financing is growing, and many wholesale mortgage brokers and correspondent lenders are taking notice. Among correspondent lenders, of course, non-QM offers a great avenue for growing business origination volume across mortgage lending channels and providing opportunities for clients across a variety of risk profiles.
Non-QM correspondent mortgage lending offers considerable opportunity for correspondent lenders who are not yet partnered with an alternative mortgage financing firm. Those looking to grow their business should consider the unique opportunities non-QM mortgage financing programs can provide correspondent lenders.
ABOUT ANGEL OAK MORTGAGE SOLUTIONS
Angel Oak Companies is an industry leader in delivering innovative mortgage credit solutions. Through our integrated platform, we deliver solutions across asset management, mortgage lending and capital markets.
Angel Oak Mortgage Solutions offers a breadth of alternative lending products to allow our clients to grow their business and better serve their customers. We re-connect qualified home buyers with the investor community to create a win/win/win for the borrower, originator and investor. As a highly entrepreneurial organization, we are able to quickly adapt to the needs of our clients and embrace a strong service-based culture.
Angel Oak Mortgage Solutions currently offers alternative correspondent mortgage lending services across Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, North Carolina, Oklahoma, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming,
Tags: alt-A mortgage lenders, alternative mortgage lender, angel oak mortgage solutions, correspondent mortgage lending, housing market, mortgage credit easing, mortgage financing, Non-prime, non-prime lending, non-prime mortgages, Non-QM, non-QM mortgage lenders, non-QM mortgages, wholesale mortgage lender, wholesale mortgage lending