Wachovia has ceased funding alternative-A credit mortgages through brokers.The decision was made Aug. 2, according to a company spokesman. Other companies have also recently begun growing wary of the product niche, among them Wells Fargo (see item above). Wachovia can be found on the Web at http://www.wachovia.com.
New notices pointed out how large learning models could lead real estate businesses to unintentionally violate the Fair Housing Act in a marketing campaign.
The industry hasn't been sure how much of a lift they'd get this spring but a broader slowdown in hiring may help to lower financing costs.
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Rocket Cos. reported an increase in gain-on-sale margin but warned that going forward it is likely to slip back to levels seen in the second half of last year.
The 2022 vintage had a higher percentage of purchase mortgages, as well as 30-year fixed-rate loans versus the 2021 production, an annual Federal Housing Finance Agency report said.
