2021 Conforming Limit Alabama counties is $548,250 and for 2-unit properties is $702,000. See below the list of all 2021 Conforming Limit Alabama counties for 1, 2, 3, and 4 Unit properties. Click here to view New conforming loan limits 2022 for all counties of Alabama State 2021 Conforming Loan Limits for Autauga County 1 Unit – $548,250 2 Unit – $702,000 3 Unit – $848,500 4 Unit – $1,054,500 2021 Conforming Loan Limits for Baldwin County 1 Unit – $548,250 2 Unit – $702,000 3 Unit – $848,500 4 Unit – $1,054,500…
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Mortgage Programs
Ginnie Mae Proves to be the Forbearance Exception
The number of borrowers on the Coronavirus-forbearance are down but the Ginnie Mae market is proving to be an exception to the rule. The weekly report of the Mortgage Bankers Association for the week closing Sep 13 revealed a drop of 8 basis points for loans under forbearance. However, Ginni Mae’s securitized loans inched up by 3 basis points over the same period. Ginnie Mae’s hike in forbearance share implies a retardation in the job market’s comeback, believes Mark Fratantoni, the Chief Economist of MBA. Covid-19 has thrown off-kilter the main clients of…
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Mortgage Credit Availability Hits Lowest Point in Six Years
Mortgage credit availability has declined considerably, reaching the lowest point it has reached in six years, according to the Mortgage Bankers Association (MBA). The Mortgage Credit Availability Index (MCAI) dropped to 120.9 in August, which is a 60.8 point decrease from August 2019 (181.7). MCAI Trend (Source: Mortgage Bankers Association) Joel Kan, the MBA’s Vice President of economic and industry forecasting, remarked that uncertainty around the job market and its future was likely to be the reason behind tightening credit. When lending standards become tighter, fewer mortgages are available and fewer still borrowers…
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Forbearance Plateaus after a 10-Week Long Fall
The coronavirus-related forborne rate of mortgages plateaued between Aug. 17 and Aug. 23, says the Mortgage Bankers Association. On the heels of a 10-week long fall, the rate finally held at 7.2% for the above mentioned week. In figures, this is equivalent to 3.6 million mortgages. Over the same period, the forborne rate of mortgages fell to 7.41% from 7.43% for the independent mortgage servicers. Mike Fratantoni, Senior VP and Chief Economist for MBA, issued in a press release that "The share of loans in forbearance was unchanged, as the decline in the share…
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Foreclosures Fall, Starts Pick up in a Few States
The Coronavirus-related moratorium has resulted in mortgage foreclosure activity posting an 83% deficit over its performance a year ago, says Attom Data Solutions. Compared to June, the numbers reveal a 4% decline. Over the first 6 months of the current year, the mortgage foreclosure activity has been 44% lesser than the same time last year. Compared to the same duration in 2018, the fall is 54%. In numbers, what this says is that one out of every 15,337 properties in America has filed for foreclosure in 2020. This number was one in every…
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Forborne Mortgage Numbers Drop Again; Albeit at a Lower Rate
The number of mortgages hitting forbearance has come down for a 6th consecutive week. The speed of fall has slowed down though. Forbearances triggered by the Coronavirus declined by 6 basis points (7.8% to 7.74%) between 13th and 19th July, confirms the Mortgage Bankers Association. For the independent mortgage providers, the loans sitting in forbearance climbed to 7.85% from 7.83%. The MBA’s senior vice president (and chief economist) Mike Fratantoni suggested, "Although the GSE portfolio of loans in forbearance should continue to improve, Ginnie Mae's portfolio saw an uptick of both loans in…
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Mortgage Forbearance Sees Biggest Drop Since Cares Act Became a Law
A significant part of active forbearance plans slated to expire in June has not been extended, leading to the biggest weekly drop (435,000) in the volume of mortgage borrowers under forbearance. Andy Walden, Black Knight’s Economist and Director of Market Research, suggested that "this latest decline in the number of homeowners in active forbearance is an encouraging sign of continued improvement". Notably, those servicing government-guaranteed loans were asked for by the government relief stimulus to grant residential borrowers an extension of forbearance, in case they asked for it. For the week ending June…
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Mortgage Forbearances Register Biggest Dip
The Mortgage Bankers Association reveals that the coronavirus-related mortgage forbearance growth had its biggest drop of 8 basis points over the June 22-June 28 week. For the last week of June, nearly 4.2 million mortgages were under forbearance; this is 8.39% of the total loans outstanding. The percentage is less than 8.47% posted a week prior. For the banks servicing independent mortgages, forbearance loans fell from 8.42% to 8.33%. Mike Fratantoni, Senior Vice President and Chief Economist of MBA, suggested that the forbearance numbers are only expected to come down, now that the…
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As Lending Standards Tighten, Mortgage Credit Availability Index Drops to a 5-year Low
Mortgage Bankers Association (MBA) after analyzing data from Ellie Mae's AllRegs® Market Clarity® business information tool reported that the Mortgage Credit Availability Index (MCAI) in April dropped to the lowest level since December 2014. The decline is MCAI shows the tightening of lending standards showing decreased availability of mortgages for potential borrowers. The MCAI index fell by 12.2% to an index of 133.5. The rate of decline in the last 2 months is the sharpest in over a decade. As evidenced by the chart below, the MCAI fell for every product category. The…
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Mortgage Rate Recap and Outlook for the Week Ending February 21, 2020
The speed of residential construction has shot up over the past few months and is well in line to reach its best figures in over a decade. For a market that has been short on inventory for some time now, this is great news, especially with the spring season already calling on us. Mortgage Rates: rates increase all around This week’s Mortgage Banking Associations’ (MBA) weekly rate survey reveals an increase across the board. According to the MBA Weekly Survey: “The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 3.77 percent…
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