Origination

Bank of America is keeping to its original hiring plans despite challenging economic conditions that have prompted others to pull back, Chief Executive Brian Moynihan said.

The current 30-year rate is now nearly double its average from a year ago.

Mortgage rates have pushed up costs to buying a new house even more.

In a market dominated by sky-high home prices, sellers looking to take the path of least resistance may be overlooking DPA borrowers.

Federal Housing Finance Agency Director Sandra L. Thompson told lawmakers on Wednesday that the agency would consider “foundational questions about mission, purpose, and organization” of the Home Loan Bank System.

Purchases and refinances both came in lower, with overall volumes 60% below numbers from a year ago.

Others in the mortgage industry have been known to take a page from the company’s innovative digital strategies, but using Truebill’s tech as a countercyclical strategy for recurring revenue and lead generation may be too pricey for most lenders to imitate.

The firm’s latest offering to solidify its fintech bona fides touts 10-minute applications and funds up to $50K delivered within hours.

New single-family home mortgage applications, housing starts and industry sentiment all came in at their lowest since 2020.