Origination

And having a paperless process was an important reason for many in picking their originator, the National Survey of Mortgage Originations found.

The Lansing, Michigan-based firm was awarded the contract this spring and takes over from Novad Management Consulting, which had previously serviced government-held HECMs since 2014.

Raising the threshold for qualification for Home Ready and Home Possible, which additionally offer price breaks to lenders, could do more to make homeownership more equitable, the Mortgage Bankers Association wrote in a letter to the Federal Housing Finance Agency.

Concrete prices have surged 10.7% in 2022, but the cost of once-volatile softwood lumber has moderated greatly since the summer, according to the National Association of Home Builders.

Borrowers' affordability concerns drove activity lower than normal seasonality in November would indicate, Black Knight said.

The cut occurred across departments and included the dismissal of the company's head of mortgage.

The charge carries a total of 30 counts, including two Class C felonies and a maximum sentence under the top charge of 15 years in prison.

One of the biggest U.S. homebuilders is offering to sell thousands of homes to rental landlords at a time when sales to everyday buyers have slumped. 

Borrowers gained an average of $34,300 in home equity since the third quarter of last year, but that's almost half the amount of growth recorded over the summer.

But that's largely because homes are staying on the market longer — almost three weeks more than in early summer on average.