Origination

Banks and other lenders revived special-purpose credit programs after racial-equity protests in 2020 prompted them to reexamine their services for historically underserved groups. Now they're taking those initiatives nationwide.

Prospective borrowers can secure significant square footage for often below $300,000 in these mostly Midwest cities, according to industry veterans.

The sharpest run-up in rates seen in over three decades slashed mortgage origination volumes, and contributed to a volatile market environment, but had some cyclical benefits for servicing.

A mid-month retreat in 30-year mortgage rates back below 7% along with an increase in builder incentives may have helped support demand.

Some companies are making them available for a broader range of mortgage products, and one also offers a future no-fee refinance option.

Mortgage-purchase applications were 4.6% higher in December from a month ago, per a Redfin report.

Many have called for a heavy analysis if not an outright denial of the transaction by the government, but this could finally move the needle, said former Obama Administration official and former head of the MBA David Stevens.

Foreclosure starts also increased by over 19% between October and November but remain below pre-pandemic levels.

The partnership will expand UHM reach to new markets in Florida, Michigan, Ohio, North Carolina and California.

But the 15-year interest rate rose last week, in line with 10-year Treasury yields, as bond investors used a quiet week to reflect on broader trends.