The volume of mortgages classified as held for sale at banks and thrifts ticked up in the first quarter, ending a long decline. Loan sales by banks also outpaced originations of mortgages intended for sale. (Includes two data charts.)
CrossCountry, Guild offering downpayment assistance; majority of loan originators living paycheck to paycheck; legislation would limit trigger lead activity; and more.
Banks with higher IT expenditures are significantly less likely to reject the applications of borrowers that are observably riskier, according to new research.
Borrowers with certain fixed-rate mortgages from Navy Federal Credit Union can now have their interest rate lowered when rates offered by the lender decline. No refi necessary, only a $250 fee.
Rate locks decline; MISMO launches latest reference model; CFPB warns on the use of chatbots; Chase to pay mortgage seekers to shop with the bank; mortgage market losing share to cash buyers; data breaches lead to increase in denial of mortgage credit.
FHFA proposed adjusting the capital framework that applies to the GSEs to incorporate planned changes in the usage of credit scores. Lenders want more data before any changes are implemented.
Issues at regional banks will likely slow the economy and have impacts on mortgage lending through the year, according to economists at the MBA. Still, GSE economists suggest that originations could pick up soon.
As interest rates rise, homeowners are staying out of the real estate market because they don’t want to let go of the record-low mortgage rates they were able to obtain over the last two years.
There were roughly half a million fewer new listings in the first four months of this year than in the first four months of 2019, a year before the pandemic.
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