The National Community Reinvestment Coalition is "extremely troubled" about the mortgage originations market and "problematic brokers," NCRC executive vice president David Berenbaum testified at the Fed hearing in Philadelphia.Mr. Berenbaum said that in 90% of the cases where the group found a problematic situation, there was a problematic broker involved. The NCRC conducted a "mystery shopping" campaign, sending out qualified minority testers and less-qualified white testers. Among the results he shared at the hearing was that 74% of whites were given details regarding fees, while only 31% of minorities were. Whites were offered, on average, 2.6 products, while brokers discussed only 1.3 products with minorities, he reported. Brokers met for an average of 38.6 minutes with the white testers, and just 27.4 minutes with minority testers.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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