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After holding at its last meeting, the Federal Open Market Committee may decide to raise rates again in July.

An Urban Institute and Federal Home Loan Bank of San Francisco paper suggests creating a pilot program in which some down payment funds are set aside in case the borrower runs into problems.

Rising interest rates on loans, greater borrowing and higher fees on deposit accounts all contributed to the increase. "Altogether, this paints a picture of debt that could really start to strain the checkbooks of American families," said Meghan Greene, a researcher at the nonprofit organization that authored the report.

The legislation has support among Republicans, who hold a slim majority in the chamber.

A former employee of The Change Company, which is the largest non-traditional mortgage lender in the U.S., claims in a new lawsuit that the firm mischaracterized the race, ethnicity and income of its borrowers. The company says the allegations, which relate to the representations it makes to be certified as a community development financial institution, are meritless.

Federal Reserve Vice Chair for Supervision Michael Barr said he is overseeing a six-month project to overall supervisory culture, practices, behavior and tools. He said regulatory changes will also be explored.

The American Bankers Association's Economic Advisory Committee said access to loans is likely to further soften, while defaults and credit losses could increase in the second half of the year.

Smith joined the bank in January after serving as president of Keller Home Financial Services and heading Citi's U.S. mortgage business.

The top five lenders have a combined residential portfolio volume of more than $900 billion at the end of Q1 2023.

Decision-making algorithms powered by machine learning are seen as the next frontier for a more nuanced approach to mortgage decisions but skeptics worry this will just be a new way to discriminate.

In a speech, the Federal Reserve Board governor said tighter monetary policy is not to blame for the volatility seen in the banking system this spring.

The CEO of the world's largest asset manager said AI could have "some very large outcomes for long-term investing" and could also transform margins across sectors.

Now is the time to recruit this diverse, technology-focused demographic into the home lending business, industry leaders say.

Bank of America is also planning to expand into Madison, Wisconsin; Boise, Idaho; and Birmingham, Alabama, a company executive said. The goal is to find growth opportunities that don't require operating a large number of branches, the executive indicated.

CEO Curtis Farmer said the warehouse sector, where Comerica provides lines of credit to mortgage banking companies, has not been providing much help as the company seeks to bolster deposits.

Sen. JD Vance, R-Ohio, lambasted the Federal Reserve for increasing the dominance of "too big to fail" banks and failing to rein in systemic risk. He asked whether the Office of the Comptroller of the Currency is a better regulator than the Fed.

Republican-led bills seeking to reverse adjustments to mortgage fees and a bipartisan bill aiming to reinstate tax deductions on mortgage insurance stand to change operations for lenders if they pass.

Mortgage companies are using AI and other tools to reach those who expect nothing less than a super-personalized and interactive experience from their online services.

The top five lenders have a combined second-lien volume of more than $95 billion at the end of Q1 2023.

But a large gap exists in the degree of energy and investment depository institutions put in their customer acquisition efforts versus nonbanks, according to Arizent research.