Banks and thrifts sold $97.37 billion of mortgages during the quarter. Trends varied among the largest banks, with Chase increasing loan sales while U.S. Bank and Wells Fargo sharply reduced their activity. (Includes two data tables.)
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Repurchase and indemnification activity at banks and thrifts in the third quarter was the lowest since at least the second quarter of 2016. (Includes data table.)
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Mortgage industry executives and policymakers should rethink strategies to improve sustainable homeownership among first-time homebuyers, according to speakers at a recent housing conference.
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The GSEs and FHA should publish daily rate sheets with disclosures on interest rates for mortgages locked the previous day, according to analysts at the Urban Institute. The analysts likened their proposal to the manufacturer’s suggested retail price seen for cars and books.
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Consumers are feeling little optimism for the 2024 housing market as affordability concerns continue to push would-be buyers away from purchasing a home next year.
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Lower interest rates have been particularly impactful in the market for new homes; MBA projects a mild recession in the first half of 2024; new MISMO working group initiated by the GSEs; technology for closing disclosure forms.
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