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Redfin Corp. is shuttering its iBuying business and laying off workers for the second time in almost five months, as the likelihood of a prolonged U.S. housing slowdown continues to ripple through the industry.

The company has incurred a combined $91.8 million in expenses in the past two quarters related to its massive cost-cutting plan, which included the layoff of thousands of professionals.

But refinances dwindled further and helped drive overall volumes to a slight decline last week.

Of 26 fired employees in a layoff round, 17 were either currently on paternity or maternity leave or planning to take it in the near future, according to the legal filing.

Leaders of its parent company touted the success of subscription models and also made a case for its proposed merger with Black Knight in an earnings call

Federal Reserve officials signaled their aggressive campaign to curb inflation could be entering its final phase even as they delivered their fourth straight 75 basis-point interest-rate increase.

High interest rates and affordability concerns continue to suppress purchase demand, though, leading overall numbers down again last week, the Mortgage Bankers Association reported.

Kristy Fercho, who's run the bank's home lending division since August 2020, will report directly to CEO Charlie Scharf and sit on the operating committee. Last year, she became the first Black person to chair the Mortgage Bankers Association, and she took the top spot in American Banker's Most Powerful Women to Watch this year.

Legal experts are gaming out the various options for the CFPB after a three-judge panel of the U.S. Court of Appeals for the 5th Circuit ruled on Oct. 19 that the bureau's funding is unconstitutional.

Ahead of this week's Federal Open Market Committee meeting, where it is expected to enact another large rate hike, 11 lawmakers sent a letter to the central bank, urging it not to go too far.

Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.

Regulators are raising alarm over the design applications that can manipulate consumers into buying products or services or compromise their personal information.

The cuts account for 5% of its workforce of 5,791 full-time employees as of the end of June.

An appeals court ruling last week found that the Consumer Financial Protection Bureau's funding structure violates the Constitution, but another court filing shows how the agency might fight back.

Ongoing weakness in housing markets and the economy has now driven purchase activity to its lowest level since 2015, while overall application numbers decreased for the 10th time in 11 weeks.

"The main threat we see is coming from the CFPB, where the single director can act as judge, jury, and executioner, all in one," said Bob Broeksmit, president of the Mortgage Bankers Association

Fannie Mae announced a pilot rollout of a new special-purpose credit program, while Freddie Mac said it is expediting review of similar new programs from lenders during the Mortgage Bankers Association conference this week.

The day after the FOMC announces its policy decision, Christian Scherrmann, U.S. Economist at DWS Group, will offer his take on the meeting, Fed Chair Powell's press conference and what comes next.

The agency expects one in five borrowers to be eligible for the new pricing benefits.

The government guarantor's securitization platform went offline on October 19 and will reemerge on October 25.