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A significant fallback in rates brought some borrowers back to the table but cooled interest in adjustable-rate loans, which had surged throughout October, the Mortgage Bankers Association said.

The lender and servicer is still planning for another $120 million in annualized expense reductions in the next few quarters.

He will take over the role from current non-executive chair Sara Mathew, who's allowed time on the government-sponsored enterprise's board is expiring.

The company also renewed key partnerships, recorded some reverse mortgage charges it'd previously foreseen and eked out an adjusted pretax origination gain.

The Federal Housing Administration has a floated modernized policy that could permanently replace the temporary one but was asked for more implementation time.

Banks have been working to sell portfolios of commercial-property debt as they seek to manage their exposure to the sector. Soaring borrowing costs have weighed on valuations, with commercial real estate prices slumping 16% in September from a peak in March 2022, according to real estate analytics firm Green Street. 

The seizure of servicing from Reverse Mortgage Funding's bankruptcy has had ripple effects ranging from a private legal challenge to broader policy changes.

The digital lender's product comes amid soaring expenses for homeowner's coverage.

Like its competitor Fannie Mae, the enterprise's earnings were higher year-over-year but recorded a quarterly decline in part due to a legacy shareholder lawsuit.

Despite the 10% jump in adjustable-rate mortgages, a decline in federally sponsored application volumes dragged overall numbers lower for the fifth time in six weeks, according to the Mortgage Bankers Association.

The government-sponsored enterprise's net income was balanced by climbing interest rates, which drove a large increase in fair value gains.

Home equity investment (HEI) agreements homeowners receive upfront cash payments in exchange for giving an investor a stake in the property and the right to collect returns.

Despite the overall decline, refinances saw an uptick even as rates approached 8%, with volumes up in both conventional and government-sponsored markets, the Mortgage Bankers Association said.

The company's builder and mortgage banking segments both ended up in the black, as sales for new constructions outperform the existing-home market.

Banks already share consumers' transaction data with fintechs, mostly through data aggregators, and often grudgingly through screen scraping. The proposed 1033 regulation could give more control to consumers, better data access to fintechs and a competitive edge to big banks over smaller ones, some observers say.

The 10-year Treasury yield crossed 5% for the first time in 16 years, propelled by expectations the Federal Reserve will maintain elevated interest rates and that the government will further boost bond sales to cover widening deficits.

Regulators will now accept feedback until Jan 16, 2024 — a six-week extension — concurrent with a Federal Reserve effort to gather additional information about the potential implications of the proposed capital changes.

Amid the release of Q3 bank earnings, the Chairman of Whalen Global Advisors ponders whether efforts from the government-related entities help or hurt the independent mortgage bankers that are taking up a greater and greater share of 1-4 family lending and servicing.

Questions about how it will be implemented and whether the rest of the market will follow the agency's lead make the expense involved difficult to estimate.

Adjustable-rate mortgages nabbed their largest share of activity in almost a year, as the 30-year conforming average inched closer to 8%, the Mortgage Bankers Association said.