For a second day, the markets were optimistic that the government shutdown might soon come to an end. The Dow Jones Industrial Average gained 111 points and 15 of 17 Mortgage Industry Equity Composite stocks closed higher.
MGIC Investment Corp. is leading the pack, up 3.31%, followed by KB Home, up 2.16%, and OceanFirst Financial, up 1.66%.
Redwood Trust declined 0.79%, while Bank of America was down 0.28%. B of A competitors
A new Basel III proposal offers mixed results for warehouse lending, with some risk-weight relief for banks but tougher terms that could crimp credit availability for nonbank mortgage lenders.
Roughly a third of homeowners with a mortgage rate less than 6% would not give up their rate for any reason, according to a survey of 1,000 mortgage holders.
In other news, Better Mortgage completed warehouse renewals and Wolters Kluwer provided a new form of access to its digital vault platform for secured parties.
A United Wholesale Mortgage executive stepped in to defend a claim against the company, as consumers pelt the industry with more spam call complaints.
Adam Boyd, a veteran financial services executive with more than 25 years of experience, will head the growth of Rate's consumer lending platform.
Washington State charged Newrez after a consumer investigation, with the notice following recent enforcement action against Luminate Home Loans.
