Refinance

Castle & Cooke Mortgage launched a consumer-direct unit that is focused on capturing repeat business from its existing servicing customers.

Mortgage applications decreased 1.6% from one week earlier as refinancing activity continues to shrink, according to the Mortgage Bankers Association.

Late payments on securitized commercial mortgages rose again in March, led by industrial and retail property loans.

Rising rates will dampen what had been a growing cash-out refinance market even as equity available to homeowners continues to increase.

Loan defects are inching upward in a market where higher rates could lead to more fraud risk.

Despite the additional risks, originating mortgages for landlords of single-family rentals could help lenders fill the gap of waning refinance volume.

Mortgage lenders have already begun to feel the burn of higher interest rates.

Reflecting the post-election interest rate rise, closed purchase loans were 57% of February's total volume, according to Ellie Mae's Origination Insight report.

Goldman Sachs is selling $1.02 billion of bonds refinancing the Blackstone Group's acquisition of the Willis Tower, formerly known as the Sears Tower.

Dramatic shifts in borrower expectations and a growing purchase market have elevated consumer-direct mortgages from a refi-driven channel to an alternative for staff-heavy lending to homebuyers.