Underwriting standards tend to deteriorate in dire circumstances, but GSE sellers appeared to avoid taking excessive risk as 2022 wound down even as sales volumes plummeted. (Includes two data charts.)
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Rising interest rates took a bigger bite out of private MI activity than FHA business in the fourth quarter of 2022. On an annual basis, primary MI activity fell, based on agency MBS issuance, though issuance volume involving loans without MI was off by even more. (Includes two data charts.)
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The share of homebuyers using all cash to purchase homes rather than a mortgage is increasing. Some affluent homebuyers are avoiding purchase mortgages due to high interest rates.
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Rate locks declined in December and loan applications fell to levels last seen in 1996. Interest rates are to blame. Economists offer some glimmers of hope for the second half of the year.
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The year just closed was a barn-burner for bulk auctions of servicing rights. As for 2023, sales could be brisk but pricing will likely disappoint.
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The New York Department of Financial Services proposed guidance for nonbanks and state-regulated banks outlining standards for managing material climate-related financial risks. Organizations’ efforts should be proportionate to their exposure and shouldn’t interfere with fair lending obligations.
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FTC proposes banning noncompete clauses across wide swath of industries; Rocket unveils special purpose credit program; Guild joins other lenders in offering temporary buydowns.
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