Origination

Fewer consumers applied for mortgages last week even as interest rates declined by 3 to 4 basis points for all product types, according to the Mortgage Bankers Association.

Sales of new homes rose in June by less than forecast and purchases were revised lower in the three prior months, the latest sign of weakness for the housing sector.

Home sales in central Ohio and elsewhere dropped in June, while competition among buyers escalated.

In an unwelcome turn for a city suffering from a homelessness crisis, federal housing officials said they have denied Los Angeles $80 million in funds, citing long-standing failures by local leaders to ensure that properties built with government money are accessible to those who use wheelchairs or have other disabilities.

With retaining and maintaining customers being a perpetual challenge for independent mortgage brokers, Home Point Financial launched a technology platform to bolster recapture rates.

The incentives are stronger than ever to work toward standardizing the documentation, language and process for loans in commercial mortgage-backed securities to be combined with PACE financing.

While seasonal factors were attributed to the monthly rise in mortgage delinquencies for June, the jump was still much higher than last year's fairly steady increase, according to Black Knight.

New York Attorney General Letitia James is monitoring how the bankrupt Ditech Holding Corp. handles borrower-sensitive issues like foreclosure proceedings, and is backing the involvement of a consumer creditors' committee.

The bank is siding with a growing list of groups, including the U.S. trustee, attorneys general from several states and consumers, who object to Ditech's plan to sell its reverse mortgage business.

MGIC reported higher-than-expected earnings, seen as a positive for the other mortgage insurers, plus Flagstar and KeyCorp had strong quarters for their mortgage businesses.