Origination

Manufactured units, down payment assistance and bond investments could help alleviate some of the issues facing aspiring homeowners, but inventory issues will persist, a panel of experts said.

The unit was looking to remain as a team, but reportedly the buyer was only interested in the sales staff.

The beleaguered bank said it is selling 74 loans totaling about $2.6 billion to a subsidiary of Kennedy-Wilson Holdings. The move is part of a plan to pursue strategic asset sales, trim expenses and shore up its balance sheet.

The transaction helps cement WFG's place in the Bay Area market, something it has targeted since its 2010 founding, Chairman Patrick Stone said.

The 30-year conforming average reached its highest point since March last week, while loan application volumes finished 35% below their levels from a year ago, a trade group said.

The company, funded by Calterra Capital and led by the former CEO of lender Avlis Partners, is launching the technology in a space that has limited vendor options.

Purchases of new single-family homes increased 4.1% to an annualized 683,000 pace last month from a downwardly revised 656,000 rate in March, government data showed Tuesday.

Some stakeholders have worried about the estimated date for the transition to a new way of calculating credit worthiness, but an official assured attendees at an industry conference that the agency won't act prematurely.

Starting June 7, the enterprise's platform will be able to analyze pay stub information.

But the country is still likely heading towards a recession and it could be deeper than previously thought, Mortgage Bankers Association Chief Economist Mike Fratantoni said.