Origination

Rents are soaring in many U.S. cities as the economy rebounds, squeezing the budgets of tenants who also face increased risk of eviction after courts overturned a pandemic-era ban from the Center for Disease Control.

The recent increase in loan size across all application types reflects rising prices, which contributed to a drop in applications, Mortgage Bankers Association economist Joel Kan said.

The company aims to use the additional capacity to get its non-qualified mortgage business back to producing $125 million per month, and anticipates more purchases of mortgage servicing rights, representatives said in its Q1 earnings call.

United Wholesale Mortgage set off a brawl in the press when it forbade brokers from doing business with Rocket and Fairway. As a small group of brokers pursue legal action over the ultimatum, experts weigh in on whether the spat is benefiting the wholesale channel.

Scrolling Zillow has become a go-to activity for Americans stuck at home pondering real estate upgrades as low interest rates and a shortage of homes to buy fuel the pandemic housing market.

Residential value growth in March reached heights not seen since the lead up to the housing bubble, according to CoreLogic.

After the spinoff and a concurrent private sale to Bayview Asset Management, Genworth Financial will still own 80% of the rebranded Enact.

Loans bought on the secondary market have become increasingly important as borrower demand has ebbed and companies have sought to obtain mortgages through additional outlets to maintain production levels.

Short-term late payment rates rose again and later stage delinquencies remain at elevated levels compared to those prior to the pandemic, the Mortgage Bankers Association said.

An economic rebound, stimulus payments and COVID-19 vaccinations contributed to new delinquencies dropping to an all-time monthly low with more recovery ahead, according to Black Knight.