Origination

But costs are still elevated annually in double-digit ranges for 46% of markets, according to the National Association of Realtors.

The Federal Housing Finance Agency is reducing the amount lenders can sell to a government-sponsored enterprise by $3 billion next year.

The company experienced further declines in production volume but reported an intra-quarter improvement in its gain on the sale of loans.

But the likelihood of a recession and higher unemployment should drive the rate higher in the future, the Mortgage Bankers Association said.

Other firms disclosing cuts in Worker Adjustment and Retraining Notifications include American Advisors Group and Pennymac.

Redfin Corp. is shuttering its iBuying business and laying off workers for the second time in almost five months, as the likelihood of a prolonged U.S. housing slowdown continues to ripple through the industry.

An inflation metric came in lower than expected, which caused the benchmark 10-year Treasury to drop well below the 4% mark.

But its tight lead indicates that originators are struggling to differentiate themselves from the competition J.D. Power's Craig Martin said.

Former employees say the New Jersey-based lender had its biggest reduction round yet, impacting close to a thousand positions.

But executives put a sunny spin on it, saying that its recent exit from forward mortgages will allow it to leverage reverse lending, where tailwinds will lead to profitability next year, management said.