Origination

The money lenders are making on each home loan hit another survey-record high in the third quarter, but it may not be quite as high going forward.

The economic fallout from COVID-19 has highlighted systemic concerns about commercial real estate exposure, business debt and short-term wholesale funding, the Financial Stability Oversight Council said in an annual report.

The results are in the middle of the range provided before the company went public in October.

About 23% of borrowers under 30 got such a loan in October.

Mortgage rates dropped a basis point this week, reaching the lowest level since Freddie Mac started tracking this data, even though yields on the benchmark 10-year Treasury increased 7 basis points.

The head of the Federal Housing Administration said Congress should consider whether to continue allowing the loan floor and ceiling to remain tied to changes in the conforming mortgage limit.

The company’s proprietary platform is aimed at helping borrowers apply for home loans in as little as 15 minutes by automating immediate validation of bank information used in qualification.

Originations from all sources, including commercial and reverse mortgages, total $9.2 billion.

People with scores below 500 are often in communities that suffer the most from economic hardship and violence. Banks and regulators can do more to qualify them for financing, ultimately creating healthier local economies.

Mortgage applications decreased 0.6% on a seasonally adjusted basis from one week earlier as the period was truncated by the Thanksgiving holiday, according to the Mortgage Bankers Association.