Freddie Mac reported that 82 percent of homeowners who refinanced in the third quarter kept the same loan amount or reduced their principal balance by paying-in additional money at the closing table. Of this group, 37 percent reduced their principal balance and 44 percent maintained around the same loan amount. The other 18 percent were cash-out borrowers, who increased their loan balance by approximately 5 percent. For refi borrowers taking a new 30-year FRM, the median interest rate reduction was about 1.2 percentage points. In practice, that means a borrower with a $200,000 loan saves $2,500 in interest payments during...
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
News Tailored to Your Needs
Get Focused Coverage
Inside Mortgage Finance's newsletters break the mortgage market down so you get the news and data you need most, whether it's total industry coverage or just the news related to securitization, regulation, profits or other specific topics.