Origination

Initial home construction rose 6.3% last month to a three-month high, according to government data released Tuesday.

The adverse market fee change could contribute to an increase in refinance volume, adds Mortgage Bankers Association economist Mike Fratantoni.

Forgoing traditional mortgages by buying homes outright is turning into a 2021 trend, and businesses are stepping in to facilitate these purchases.

Confidence among U.S. homebuilders pulled back in July to an 11-month low as builders contend with elevated materials prices and ongoing supply shortages.

Consumers are booking rooms at levels not seen since early 2020 and loan delinquencies have fallen sharply as a result. Still, business travel remains sluggish and new COVID variants are spreading, threatening the hotel industry’s recovery.

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The GSE forecasts $4 trillion in production this year because refinance activity is stronger than expected.

The agency’s new chief said eliminating the “adverse market fee” — in place since December — will make it easier for families to refinance while mortgage rates are still low.

“One” is the first in a series of non-agency mortgages the wholesaler plans to introduce this year.

The bank's noninterest expenses fell by 8% in the second quarter — a sign that CEO Charlie Scharf is making progress in reining in spending that had been soaring in recent years amid heightened regulatory scrutiny. He ultimately hopes to reduce gross expenditures by $8 billion annually.