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High interest rates and affordability concerns continue to suppress purchase demand, though, leading overall numbers down again last week, the Mortgage Bankers Association reported.

If an unusual consumer protection gets rolled back in the state, servicers could get more of a second chance in court and borrowers will lose some protection.

Rocket Rewards is the latest marketing initiative from the mortgage giant following the introduction of home equity loans and a monthly payment reduction offer earlier this year.

The Connecticut mortgage vendor announced that after an exhaustive process of evaluating all options, it has decided to "cease doing business."

Kristy Fercho, who's run the bank's home lending division since August 2020, will report directly to CEO Charlie Scharf and sit on the operating committee. Last year, she became the first Black person to chair the Mortgage Bankers Association, and she took the top spot in American Banker's Most Powerful Women to Watch this year.

The company, which evolved into a refinance-focused call center after a disastrous move into reverse mortgages, reportedly informed employees of the closure on Oct. 14.

That amount of consolidation would be a leap from the previous three-decade high of 33 in 2018, according to Stratmor.

Legal experts are gaming out the various options for the CFPB after a three-judge panel of the U.S. Court of Appeals for the 5th Circuit ruled on Oct. 19 that the bureau's funding is unconstitutional.

Ahead of this week's Federal Open Market Committee meeting, where it is expected to enact another large rate hike, 11 lawmakers sent a letter to the central bank, urging it not to go too far.

They have a range of positions in the mortgage market; and some investors believe they could be bought at a discount now, potentially gaining value later when interest rate stability returns.