Loan originators are so swamped with applications that it is taking three to four weeks to get new mortgages through underwriting departments, according to the president of the National Association of Mortgage Brokers. Mr. Savitt also said that he is still concerned about large wholesalers leaving the business but sees some positives signs. "Bank of America is committed to the business, and we've seen some new entrants recently," he said.
House Democrats on the Financial Services Committee said the more than 400-page Community Reinvestment Act proposal warrants more time for review, given its sweeping implications for community development and bank lending.
As tech firms increasingly rely on debt to build out their artificial intelligence buildouts, long-dated U.S. Treasuries are facing heightened competition.
A judge found United Wholesale Mortgage did not break the law in its handling of the retirement plan, which ex-workers say cost them a collective $1.8 million.
New enhancements in business purpose lending by lenders and vendors could help originators looking for new business as conforming rates keep rising.
Chase Home Lending announced a limited-time rate sale, while Citizens Bank and Bank of America are focused on building up affordability programs.
The compressed timeline could address a key challenge mortgage companies face when considering changing vendors.
