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Monday, December 28, 2015

Tuesday: Case-Shiller House Prices

by Calculated Risk on 12/28/2015 07:02:00 PM

From Jann Swanson at Mortgage News Daily: TRID Causing Noticeable Delays -Ellie Mae

The new RESPA-TILA Know Before You Owe regulations, commonly called TRIID, was cited as a probable reason for a three day increase in the average time it took to close a mortgage loan in November compared to October. Ellie Mae said the average application-to-closing time of 49 days was the longest time to close a loan since February 2013. Conventional and FHA loans each took 49 days while VA loans took an average of 50.
"We are beginning to see the anticipated impacts of the Know Before You Owe changes that went into effect in October," said Jonathan Corr, president and CEO of Ellie Mae. "The time to close loans has crept up to 49 days, a 3-day increase over October, while the closing rate on purchased loans increased to 72 percent. Additionally, we've seen the percentage of refinances increase to 46 percent of all closed loans, most likely driven by a recent dip in rates over the last three months since the 2015 high point in August."
emphasis added
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for October. Although this is the October report, it is really a 3 month average of August, September and October prices. The consensus is for a 5.4% year-over-year increase in the Comp 20 index for October. The Zillow forecast is for the National Index to increase 4.9% year-over-year in October.