Mortgage application volumes fall to a 27-year low
Purchase-loan activity dropped again to its most subdued level in close to three decades, while refinances saw their smallest numbers in eight months, according to the Mortgage Bankers Association.
Originations
Nonbank mortgage jobs undergo a seasonal dip
The reduction in employment followed a rise in rates this summer, but hiring has generally been stable since spring.
Change Lending loses federal certification for non-QM originations
The lender was accused in a recent lawsuit of failing to meet its obligations to underserved borrowers in lieu of wealthy clients.
AmeriFirst Financial files for bankruptcy
The company in a court filing suggests it has funds available for its unsecured creditors, led by a private equity firm, major banks and a servicer.
Fannie Mae forecast foresees lean times for lenders
An economic slowdown would deliver lower interest rates but tighter credit standards, while a "soft landing" for the economy wouldn't solve the low inventory problem, a new report said.
Nonbank mortgage profits rebound in Q2, but still in the red
Lenders reported a net loss of $534 on each loan they originated in the last quarter, an improvement from the $1,972 loss per loan the quarter prior.
Mortgage rates surge to highest mark since 2002
The average for a 30-year home loan marked the fourth straight week of increases, according to Freddie Mac.
Multifamily drives quarterly rise in commercial lending
But overall volume is still expected to be 38% lower than 2022's commercial real estate originations, as higher interest rates remain a drag.
Will two newer credit scores beat a single older one for mortgages?
Industry executives coming off a tough year are wondering what the transition will cost and how many borrowers it'll bring in.
Loan lock activity stifled by rising interest rates
With prices continuing to increase and the conforming 30-year mortgage rising above 7% in July, the purchase market is in a holding pattern, Black Knight said.
UWM returns to profitability in the second quarter
But its operating income missed estimates with servicing income and gain-on-sale margins coming in lower than expected.
Mortgage credit tightens on jumbo concerns, loan costs
Product availability for July remained at levels last seen in 2013 as rates briefly broke above the 7% mark during the month, the Mortgage Bankers Association said.
Freddie Mac adds new tax data source that may limit repurchase risk
The new technology expands the capabilities of automation used to obtain digital transcript information from self-employed borrowers.
Rocket profitable for the first time in three quarters
The turnaround was due to a $42 million positive servicing mark. Even with the operating loss, it beat estimates.
U.S. downgrade caused rates to rise, Freddie Mac says
But a Zillow economist argues that there's plenty of evidence suggesting strong GDP and job growth had more to do with the increase than what Fitch did.
Capital proposal may drive banks further away from mortgages
Consumer advocates are protesting specific risk-weighting changes affecting borrowers with lower down payments. Also, a broader increase in requirements may discourage depository holdings of servicing.
PennyMac profitable in 2Q despite servicing rights hit
All of the company's fair value gains in its portfolio during the quarter were wiped out by a larger loss from hedging activities.
Will the Fed keep hiking rates? Mortgage lenders game it out
There's divergence of opinions between one more rate hike this cycle and no further actions.
Home equity lending activity rises 50% over two years
Renovations, already the leading use for these borrowings, increased their share to nearly two-thirds of the products' market, the Mortgage Bankers Association said.
Mortgage rates shrink on positive inflation news
The 30-year fixed, which was threatening going above 7% again according to Freddie Mac data, was 18 basis points lower this week.
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