North American Savings Bank exits consumer direct home lending
The move, which comes with an unspecified number of layoffs, is expected to cost the company $3.8 million to $4.6 million in pretax charges in the second quarter.
Originations
Consumers are (a little) more optimistic about the housing market
Declining mortgage rates and home prices drove more positive views compared to the prior month, but December's overall outlook remained negative, Fannie Mae said.
Multifamily mortgage volume likely to drop 11% in 2023
The sector is not immune to the same economic instability that affects the single-family residential market, the Mortgage Bankers Association said.
Mortgage application activity hits a 26-year low
Higher interest rates helped drive down refinances by 87% and purchases by 42% compared to last year.
Homes remain on the market twice as long as they had 6 months ago
House hunting activity also slowed in December, with home tours declining 69% from the start of the year, a Redfin report found.
Mortgage rates rise for first time in nearly two months
The 30-year fixed rate surged 15 basis points from a week earlier but ends 2022 at more than twice its mark from a year ago.
Luxury real estate market stalls
Sales of high-end homes fell 38.1% year-over-year, per a Redfin report.
PrimeLending launches new mortgage business with Texas homebuilder
Kindred Home Loans will serve buyers of properties in Dallas and San Antonio markets.
Union Home Mortgage acquires Amerifirst
The partnership will expand UHM reach to new markets in Florida, Michigan, Ohio, North Carolina and California.
Fannie Mae cuts 2023 outlook on recession expectations
But the lower rates of the past month did result in a $7-billion boost to its origination forecast for 2022.
Finance of America acquiring top reverse lender AAG
The deal will close for $10 million in cash, plus the right to purchase nearly 33.9 million shares of common stock.
2022 originations make up 60% of underwater mortgages: Black Knight
Home prices dropped again on a monthly basis in October, exacerbating the loss in home equity among recent buyers, but the size of the falloff was the smallest since June.
Credit score prices to rise as much as 400% in 2023
However, a tiered pricing system will limit an inflation-driven increase to under 10% for a small group of originators.
Availability of real estate capital may be lower in 2023
Nonbanks will probably see the least change, while securitization lenders, depositories and REITs are likely to experience the most, an Urban Land Institute survey suggests.
FHA to accept private flood insurance
The change, effective Dec. 21, is being put into place two years after it was first proposed.
Higher rates send mortgages for new homes plunging in October
The decline in loan activity and softening prices also helped drive down builder sentiment for the 11th month in a row.
Freddie Mac earnings slip due to credit provision
The government-sponsored enterprise put more money aside as mortgage interest rates rise and home prices start to decline.
Mortgage borrowers lost a record amount of equity in 3Q
The $1.3 trillion decline was the largest quarterly drop in dollar volume and the biggest falloff on a percentage basis since 2009, according to Black Knight.
Rocket profited on servicing, but lost its lead in originations
The company's volume fell behind its wholesale-focused chief competitor's in the third quarter but management foresees potential weakness in the broker channel.
50 mortgage industry mergers and acquisitions likely this year
That amount of consolidation would be a leap from the previous three-decade high of 33 in 2018, according to Stratmor.
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