Origination

Rates are expected to increase to 3.75% to 4% by the end of the year, and it's anticipated to stay high for longer.

The 30-year average has declined by 55 basis points in two weeks.

The Tennessee-based originator is now a private-label retail group, which has branches in Alabama and Kentucky in addition to its home state.

Refinances inched up 2% as interest rates dipped, but accounted for only 31% of activity, compared to two-thirds a year ago.

Equifax said some consumer credit scores were changed because of a computer error that has since been rectified.

But private-label securitization issuance this year is expected to be lower than 2021's activity.

CEO Michael Nierenberg hinted at an upcoming partnership, as the rebranded New Residential reported a quarterly loss from residential mortgages plus management internalization costs.

Even though delinquency rates were previously at extremely low levels, the recent uptick among poorer consumers is worth monitoring, New York Fed researchers said.