Lenders tighten credit as rate hikes shrink refi market
Among the products disappearing from menus in September included those for cash-out refis and investor home purchases, the Mortgage Bankers Association said.
Mortgages
UWM scraps credit score minimums amid KBW downgrade
Fannie, Freddie and Ginnie loan eligibility now rests on AUS findings, with scores kept for pricing. KBW cut UWM's price target to $1.50 as it launches a $400M rights offering.
Pennymac adopts VantageScore as bi-merge debate heats up
While the three largest lenders now offer VantageScore, Bank of America Securities says two agency pulls boosts consumers scores, no matter which model.
Wells Fargo servicer ratings downgraded on portfolio shift
Fitch Ratings, noting the reduction in Wells Fargo's balances and sale of non-agency servicing, said the bank no longer meets expectations at its old grade.
Lenders using VantageScore: Watch Freddie’s CRO shake-up
The chief risk officer's oversight extends to the modernization of loan pricing and scoring, which the GSEs' oversight agency has been accelerating.
Pennymac, UWM, loanDepot lag in RMBS issuance as Rocket grabs share
Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
U.S. bond traders pull back on Fed hike bets after weak jobs data
Treasuries rose on Friday after the US added fewer jobs than expected in September and unemployment edged higher, pushing the yield on two-year notes lower by as much as 10 basis points to 4.69%.
Hiring slows down significantly in September
The economy added just 29,000 jobs in September, far below economists expectations, though the unemployment rate remained steady, indicating softening in the labor market.
Rising Treasury yields darkens mortgage rate outlook
Zillow now predicts mortgage rates to end 2026 over 7%.
CROSS 2026-NQM11 raises $735.3 million in RMBS
Self-employed borrowers account for 40.9% of the pool, but they are high earners and the pool has moderate leverage.
How Chase, BofA, Wells are luring borrowers in a 7% market
Chase Home Lending announced a limited-time rate sale, while Citizens Bank and Bank of America are focused on building up affordability programs.
Mortgages to well-heeled self-employed back $1.5 billion in RMBS from Verus
Non-qualified mortgages account for 23.1% of the series 2026-7 pool, by balance, and 43.4% of the loans in the pool were made to investors for business purposes and are exempt from the Ability-to-Repay rules.
FIGRE’s HELOC pool supports $321 million in mortgage-backed notes
At the end of the draw term, HELOC borrowers have a repayment period ranging from 10 to 30 years, and customers cannot draw on the HELOCs during the repayment period.
BINOM’s latest non-QM pool supports $328.8 million in RMBS
Almost all five A1 tranches benefit from credit enhancement levels of 26.10%. The A1A tranche, however, has a credit enhancement level of 36.10%.
BofA: Add GSE scores to models to predict delinquencies
The release of Fannie Mae and Freddie Mac's internal metrics support this process, but other measures will still be needed, according to Bank of America.
Fannie, MBA cut 2026 forecasts; plan for 6.8% rates
Given current rates are higher than the MBA and Fannie Mae forecasts, the industry could see further downside risk to the housing outlooks in October.
Renovation financing opportunities await lenders, survey finds
With 55% of homeowners planning to renovate rather than relocate, demand for home improvement capital will be strong even if the purchase market slows further.
Mortgage rates near 7% but expected to ease by December
Last week's bond market turmoil continued leading up to the FOMC decision on Wednesday, pushing the 30-year fixed to near or over 7%, depending on the source.
Mortgage lenders need to keep innovating after Fed hike
The market initially showed relief after the initial confirmation of an anticipated inflation-fighting hike but discussion of a future raise renewed concern.
IMBs need to watch HELOC securitization costs as banks enter
More depositories are getting involved in the securitized market and the competition is likely to add to expense management challenges of smaller balance loans.
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