Origination

A Salem, Massachusetts, man was found guilty by a federal jury in Boston of a scheme that led to more than $3.8 million in losses to lenders, the U.S. Attorney's Office announced.

But several companies have cuts pending, and overall employment remains strong enough to keep putting some upward pressure on rates.

Risky loan applications had been on the rise for more than a year, according to the analytics firm CoreLogic. Now that activity is slowing down, lenders face a higher risk of fraud, and many could be ill-equipped to handle it.

The inventory shortage is beginning to ease, while demand is slowing due to high prices and rising mortgage rates.

A former account executive sued the company claiming it did not follow its own "Firm 40" policy.

However, in line with promises housing agencies have made to be cautious in their expansion of underwriting, new rules around financing for properties with accessory dwelling units still have several guardrails.

With anticipated Federal Reserve moves already factored in, inflation and jobs data could play a bigger role in driving movement over the near term.

The largest increases in new listings were in the West and the South, in cities including Austin, Texas, and Phoenix, Arizona.

The effects on nonbanks will depend on the mix between their production and servicing operations, Fitch Ratings said.

In May, buyers in 15 of the 100 largest housing markets paid more than 50% over historic trends, up from 13 in April and 2 in July 2021, a study found.