Origination

Higher mortgage rates have led to a sharp slowdown in cash-out refinances. Second mortgages were up nearly 50% in the first five months of the year as homeowners looked for new ways to borrow against their equity.

This product, available throughout all of the company's channels, is characterized by interest-only payments over the first 10 years of the term.

The move comes amid a price war in the industry sparked by United Wholesale Mortgage.

The industry has cut tens of thousands of positions since January, according to the latest Bureau of Labor Statistics estimates.

Even though a Compass Point report states the pair have validated the credit scoring model and could implement it in the first quarter of 2023, interested parties would not verify it.

The companies are the latest mortgage businesses to face class action complaints from consumers impacted by the cyberattacks.

Comments from Federal Reserve officials in Jackson Hole last week have markets bracing for further tightening of monetary policy in the near term.

Listing inventory is returning to levels not seen since before the pandemic, but building material shortages and supply chain issues continue to have an impact on new construction.