The stock market tanked on Wednesday in the wake of Ben Bernanke’s latest comments regarding the timing of the Federal Reserve ending the stimulus program. The Dow Jones Industrial Average lost 206 points on the day.
Meanwhile, 16 out of 17 Mortgage Industry Equity Composite stocks also closed lower than they did
Fidelity National Financial closed down 3.85%, while KB Home was down 3.82%, and Redwood Trust down 2.89%.
The 30-year fixed fell to 6.37% after a two-week ceasefire tempered war-driven volatility, but economists warn the spring housing market faces continued turbulence.
The Mortgage Bankers Association found gains in March for conforming, jumbo and government-sponsored loan indices for the third consecutive month.
An appellate court reversed part of an $8.5 million award for attorneys who secured a $38.5 settlement against the lender in 2023 in a False Claims Act case.
Fintech Candid says its AI-powered newsletter platform can scrape social media and public data to help loan officers send hyper-personalized outreach at scale.
Jay Plum, head of consumer lending at Fifth Third Bank, says artificial intelligence is fundamentally shifting relationships between banks and their third-party software vendors, allowing banks to do things on their own that they would previously rely on vendors to do for them, like identify risky loans and prepare for exams.
Conforming loan limits are determined using a home price index. A congressman is proposing a switch to an income-based metric, creating more jumbo mortgages.
