in Daily Dose, Featured, News, Origination January 9, 2019 1,243 Views Black Knight Credit Scores Home Prices mortgage Purchase Loans Refinance 2019-01-09 Radhika Ojha Last year saw the most purchase dominant market with 64 percent of the close to 4.8 million mortgages originated through the first three quarters of 2018 being made up of purchase loan transactions according to Black Knight’s latest Mortgage Monitor report.The report said that of the total originations tracked by Black Knight only 8.5 percent were rate or term refis—the lowest level originated since Black Knight began tracking the metric in 2005. Cash-outs made up 27 percent of all originations this year, inching up slightly from 2017 and the highest share for any year since 2008.Despite this decrease in originations, as mortgage interest rates dropped from multi-year highs in recent weeks, the number of homeowners with mortgages who could likely qualify for and see at least a 0.75 percent interest rate reduction by refinancing increased by approximately 550,000. The report revealed that while this represented a 29 percent increase over a decade low, the total refinanceable population was still down almost 50 percent from last year.”As refinances decline, the purchase share of the market rises correspondingly,” said Ben Graboske, EVP of Black Knight’s Data and Analytics Division. “So now, in the most purchase-dominant market we’ve seen this century, we need to ask whether the shift in originations will have any impact on mortgage performance. The short answer, based on historical trends, is that it certainly bears close watching.”The report also analyzed mortgage prepayments and revealed that they were at a 10-year low in November, with prepayment activity among higher credit score borrowers (720-plus) down 58 percent from two years ago. It indicated that prepays among borrowers with credit scores of less than 620 were down only 14 percent over the same period. Higher credit score borrowers were also pulling out cash less frequently despite holding the bulk of the nation’s home equity, suggesting that though equity was more likely to be held by high credit score borrowers, those with lower scores were more likely to make use of it.Looking at home prices, the report indicated that annual gains in prices decelerated by 1.3 percent over the past eight months from a four-year high of 6.7 percent in February to 5.4 percent in October. It revealed that home price growth had slowed in 33 states and 71 of the nation’s largest markets, with California seeing the most evident changes.Click here to read the full report. Share Examining the Mortgage Market
The Chronomètre Bleu is innovative with its 39 mm case made for the first time of Tantalum, a rare dark grey metal with blue overtones. Tantalum is a wonderful metal but rarely used in watchmaking as it is hard and very difficult to manipulate, due to its very high fusion temperature of 3000° and a density of 16.3. Tantalum is also precious as it is highly resistant to corrosion and wear.The chrome blue dial is in perfect harmony with the color of the case in a contemporary spirit. The F.P. Journe hands, matching the large cream-colored Arabic numerals, mark the hours while the guilloché seconds dial at 7:30 enhances the mirror effect of the main dial.The manual winding movement of the Chronomètre Bleu is made in 18K rose gold, like that of all F.P. Journe creations. Signed with the label Invenit et Fecit- (invented and made), each F.P. Journe exclusive movement guarantees a manufacture calibre, invented, constructed, and assembled entirely in our Geneva workshops. For the Chronomètre Bleu , the exacting motto of F.P. Journe’s watchmakers holds true: “to each watchmaker his own watch”.Through the transparent back, the balance and escapement appear to be mysteriously detached from the movement, beating with no apparent motive force. F.P. Journe has placed the connecting train under the dial, leaving only the centre wheel to highlight the isolation of the balance.The manually wound movement of the Chronomètre Bleu oscillates at 21,600v/h. Twin barrels, in the classic configuration of precision watches, work in parallel to deliver stable power for much of its 56-hour full autonomy. The F.P. Journe free-sprung chronometer balance with inertia adjustment on four opposing weights is dynamically adjusted to six positions, with an emphasis on constancy of rate.www.fpjourne.comTechnical Specifications – Chronomètre BleuMovement Calibre 1304 Manually wound by 38 turns Movement in 18K rose gold 22 jewelsDimensions of the Movement Overall diameter: 30.40 mm Casing-up diameter: 29.60 mm Overall height: 3.75 mm Height of winding system: 2.10 mm Diameter of stem thread: S0.90 mmBalance Four inertia weights Flat Anachron microflamed spring Mobile stud holders Free-sprung Nivatronic laser-welded to collet Pinned GE stud Frequency: 21,600 v / h, (3Hz) Inertia: 10.10 mg /cm2 Angle of lift: 52° Amplitude: 0h dial up: > 320° 24h dial up: > 280°Principal characteristics Manual winding Two mainspring barrels in parallel Time adjustment via crown in position 2 Pallet escapement with 15-tooth escape wheel Two position crownIndications Central hours and minutes Sub-seconds at 7:30Power reserve 56 hours +- 2h.Decoration High quality Partly circular grained base plate, with barleycorn guilloché Polished screw heads, chamfered slots Pegs with polished rounded endsCase Tantalum Diameter: 39 mm Height: 8.60 mm Dial: Chrome blueNumber of Pieces Movement without dial: 133 Cased-up on leather strap: 166F.P. Journe is featured in Elite Traveler’s THE OFFICIAL WATCH BUYER’S GUIDE 2009/2010.