While purchase volume is up 20% from last year, it was 5% lower than one week ago, although a 4% increase in refinance activity helped pick up the slack.
Pricing on the 30-year fixed rate mortgage retreated this week as investors digested some economic news, including a GDP contraction in the first quarter.
As a result of the high-pressure sales tactics, consumers could lose their homes to foreclosure or bankruptcy, the Center for Responsible Lending said.
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At its first investor day in a decade and a half, the nation's second-largest bank pegged its guidance for return on tangible common equity at a slightly higher level than what it reported last quarter. Not all investors were impressed.
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The latest sale consists of close to 1,200 HECMs secured by vacant residential units found in 46 states, according to data provided by the government agency.
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What makes the situation alarming is the government attack on the fair lending enforcement infrastructure, said Lisa Rice of the National Fair Housing Alliance.
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Private-sector payrolls increased by 42,000 after a revised 29,000 decline a month earlier, according to ADP Research data released Wednesday.
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Treasuries fell after the US government signaled that larger auction sizes are on the horizon, while signs of economic resilience hurt the odds a Federal Reserve interest-rate cut in December.
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Built launched Draw Agent Tuesday, which can process thousands of construction loan draws monthly.
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To protect veterans from predatory lending practices, Ginnie Mae and the Department of Veterans Affairs should remove lenders' financial incentive for originating Interest Rate Reduction Refinance Loans.
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While the scale of destruction and suffering caused by Hurricanes Harvey and Irma is staggering, history suggests the local economy and housing markets in the affected areas will bounce back relatively quickly.
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The Consumer Financial Protection Bureau was created in part to ensure that nonbanks are subject to federal oversight, but the fact is that 99% of banks are exempt from CFPB supervision.
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ON-DEMAND VIDEOMonetary policy remains the key to the markets. The Federal Open Market Committee predicts one rate cut in 2026, but the panel will get a lot of data before
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ON-DEMAND VIDEOWith the government reopened and data flowing, the FOMC may cut rates again in Dec. Steve Skancke, Chief Economic Advisor at Keel Point, will break down the mee
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ON-DEMAND VIDEOWill the Federal Reserve cut rates in October? BNP Paribas Chief U.S. Economist James Egelhof discusses the meeting and Chair Jerome Powell's press conference.
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