Refinance

Rising rates, largely tied to the stock market turmoil, took their toll on mortgage application volume during the past week.

Quicken Loans, Citizens Bank and Better Mortgage are refinancing loans using Airbnb income as part of a pilot project with Fannie Mae.

Even as rates hit their highest levels in nearly four years, mortgage application volume increased compared with one week earlier, according to the Mortgage Bankers Association.

A December hiring spike at nondepository mortgage originators ended a three-month skid and solidified the fourth straight year of job gains in the sector. But with loan volume projected to decline again in 2018, it remains to be seen whether nonbanks will add more workers or start making cuts.

Rising rates suppressed total mortgage application activity, which decreased 2.6% from one week earlier, according to the Mortgage Bankers Association.

Rising mortgage rates have taken a toll on refinance lending and extended the lifecycle of existing loans. With new purchase originations also making portfolios larger, servicers must take steps to avoid capacity constraints.

The mortgage industry should expect significant volatility that could result in a wave of lender consolidation in 2018, warns an analyst at risk management technology vendor LoanLogics.

Purchase loan applications were at their highest level in nearly eight years because of rising interest rates, according to the Mortgage Bankers Association.

The Blackstone affiliate is cashing out over $200 million of home price appreciation in the process, resulting in a loan-to-value ratio that is unchanged from the original Colony American Homes transactions.

The changes created by tax reform will be a mixed influence on housing as consumers will have more to spend to buy a property, but lose other benefits of homeownership.