Origination

A report by Black Knight shows still-increasing home prices, which is bad news for prospective buyers, but good news for existing homeowners, who are gaining equity.

A shortage of listings has pushed up prices, boosting the total value of US homes to a record $47 trillion, Redfin reported. 

The privately held company added a retail branch network and a $10 billion servicing portfolio — and is looking for more.

The markets had a full week to absorb Fitch Ratings' U.S. downgrade, but today's inflation news could cause some near-term volatility.

Volumes dropped below 900,000 in the first three months this year, while the cumulative loan balance nationwide also declined on a quarterly basis for the first time since 2015.

While policymakers have warned lenders they will be on the lookout for potential fair lending violations, the lack of current rules means many companies are trying to determine best practices on their own.

The company, which recently divested in the forward mortgage business and sold off its title services unit, reported a $222.5 million loss.

But its operating income missed estimates with servicing income and gain-on-sale margins coming in lower than expected.

The lender and servicer posted its highest pull-through weighted gain-on-sale margin in almost two years while recording modest production growth.

The news helped drive 30-year mortgage averages above 7% last week, according to the Mortgage Bankers Association.