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In the agreement, the bank denied allegations that it refused to issue a mortgage until one of the applicants returned to work from maternity leave.

But re-entries crept up, while the percentage of borrowers exiting plans without loss mitigation in place increased.

Economists have largely slashed mortgage forecasts for 2022, but only the government-sponsored enterprise expects lower purchase volume for 2023, citing the likelihood of a downturn.

Money markets already betting on an almost half-point Federal Reserve rate hike next month received a wake-up call Monday from St. Louis Fed President James Bullard who said a three-quarter-point increase shouldn’t be ruled out.

Will MacPherson, Co-founder, Partner VMG Ventures

The company is blaming anticipated declines in origination volume for its latest cuts.

Steve Cox is head of market insights at IRIS Software Group. A technologist and chartered accountant who looks at how technology can simplify the modern working environment, he joined IRIS in 2002. His career at IRIS has spanned many areas of the business, including customer support, engineering, product management and marketing. His most recent previous roles at IRIS include senior product director, interim CTO, chief evangelist and head of accountancy.

Eric Kaplan is a senior advisor at the Milken Institute Center for Financial Markets

Despite lean inventory, efforts by builders to boost production have been hindered by supply-chain challenges, soaring materials costs and difficult hiring conditions.

The Federal Reserve has hired five executives from the stablecoin issuer Circle and at least one employee of Ripple since 2019 as part of its technology-focused recruiting efforts. It plans to do more hiring in the years ahead to aid its work on faster payments and central bank digital currencies.