National banks should approach further easing of their underwriting standards on residential and home equity loans with "caution," according to the Office of the Comptroller of the Currency.An annual OCC survey discovered that 27% of national banks eased their credit standards on HELs and only 11% tightened them over the past 12 months. On residential loans, 22% eased while only 5% tightened their underwriting standards. "While performance remains sound, banks should be wary of the unseasoned nature of many of these portfolios and approach further easing with caution," Deputy Comptroller Barbara Grunkemeyer said. The OCC's Survey of Credit Underwriting Practices reports that the easing in bank retail lending was concentrated in HEL and first-mortgage loans. "Notably, this is the first time in the survey's 11-year history that examiners reported net easing of retail underwriting standards," the survey says.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28