FHFA sets timeline for credit score and reporting changes
The agency, which oversees government-related investors that set underwriting parameters in the U.S. mortgage market, estimates the process will begin in 2024.
Originations
Down payment size down 10% from last year
And in January, all-cash buyers reached their highest share in nine years, at 32.1%, Redfin said.
Mortgage execs confident in warehouse lines amid bank turmoil
The failures of Signature Bank and Silicon Valley Bank have already rocked mortgage rates but aren't expected to rattle lines of credit provided by depositories, home lenders say.
FHFA delays debt-to-income pricing change for mortgages
The new fees based on the DTI, which lenders have said is too likely to vary throughout the origination process for a single loan, will now go into effect in August.
The worst of the layoffs may be over for the mortgage industry
More than half of pandemic gains have been erased, but how the mix of stronger than expected overall employment and other developments will affect rates remains uncertain.
Government-sponsored mortgage applications surge 13%
The increase in federally backed loan activity helped drive overall volumes upward for the first time since early February, even as interest rates jumped again, according to the Mortgage Bankers Association.
Mortgage disclosure proposal aims to boost home construction
The CFPB is requesting input on adding specifications that are intended to alleviate TRID compliance concerns on construction-to-permanent single-close loans and those requiring separate construction and home loan closings.
HELOC volume slips in 4Q, ending hot streak
Purchase and refinance mortgages continued their slide as total origination volume was $475.5 billion during the final months of 2022, down 56% from the end of 2021.
Mortgage activity falls alongside declining inventory
A week after it dropped to a 28-year low, purchase activity decreased again by over 5%, according to the Mortgage Bankers Association.
Prosperity Home Mortgage acquires consumer direct lender
Financial terms were undisclosed for the most recent acquisition.
Mortgage payment amounts grew last month despite lower interest rates
Buyer affordability has decreased by almost 22% in the past year, according to the Mortgage Bankers Association.
Mortgage rates jump for third straight week
Persistent inflation concerns drove the 30-year average up 41 basis points this month.
Purchase applications plunge to lowest level since 1995
Volumes fell 18% compared to the previous week, while refinance activity also pulled back.
Multifamily forecast for 2023 cut by $9B on uncertainty
Weaker economic conditions, rising interest rates and expected changes in investment returns drove the reduced expectations, the Mortgage Bankers Association said.
Mortgage lock volume rises for first time in nine months
But with rates turning back up this past week, activity could fall in February, Black Knight Optimal Blue said.
HECMs prove troublesome for some borrowers and lenders
While reverse mortgages allow older homeowners the opportunity to draw on home equity with minimal risk, problems arising from flaws in program structure are causing headaches for borrowers and issuers alike, according to recent reports. Miscommunication and misunderstandings about the rules surrounding the Federal Housing Administration’s home equity conversion mortgage, or HECM program, are leading […]
Rithm Capital predicts return of originations profits in early 2023
The company's mortgage operations posted a $24 million pretax profit thanks to servicing, while loan production saw a loss.
With FOMC hike baked in, mortgage rates sink
Since breaking above 7% in November, the 30-year fixed is now down nearly a full percentage point, Freddie Mac said.
Fairway investing in its reverse mortgage lending business
This move comes at a time when the largest HECM producer sold its operations to a rival and another filed for bankruptcy.
Mortgage rates decline for third week in a row
But several recent news developments are creating the perception that the risk of a recession is on the wane and that could end the downward pressure on rates.
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