Organization Root Tag

But profits more than doubled on the servicing side, according to the Mortgage Bankers Association.

With few clues coming from Federal Reserve officials about their next moves, the 30-year average dropped for a fourth straight week, according to Freddie Mac's latest survey.

Recent deposit flows raise questions about the Fed's support for these funds through its overnight lending facility, and whether that support is doing more harm than good.

The Cleveland Fed chief said she expects to make "some appreciable progress" toward taming price pressures in 2023, and estimates a closely watched gauge of inflation will reach 3.75% by the end of the year.

The agency added increased emphasis on loss mitigation and special purpose credit programs following heightened calls for more participation in the latter from a minority trade group.

The cost and scope of data sharing were among bankers' top complaints, while fintechs would like fewer restrictions, a report by the Consumer Financial Protection Bureau found. 

Per the settlement, the board of directors will expand its headcount to nine, opening the door to include Steve Ozonian, CEO of Williston Financial Group.

The falloff in government-backed applications outpaced the overall decline, with volume down by over 8%, the Mortgage Bankers Association said.

Two years ago, the parent company of Silicon Valley Bank promised $11.2 billion in community development support. Activists want First Citizens, which acquired much of the failed bank, to fulfill the commitment.

Throughout 2022, the California bank shed interest rate swaps that some believe could have prevented its failure.