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The platform allows homeowners to pay for their mortgage and recommends other home services of value.

High interest rates and affordability concerns continue to suppress purchase demand, though, leading overall numbers down again last week, the Mortgage Bankers Association reported.

If an unusual consumer protection gets rolled back in the state, servicers could get more of a second chance in court and borrowers will lose some protection.

Rocket Rewards is the latest marketing initiative from the mortgage giant following the introduction of home equity loans and a monthly payment reduction offer earlier this year.

The Connecticut mortgage vendor announced that after an exhaustive process of evaluating all options, it has decided to "cease doing business."

Kristy Fercho, who's run the bank's home lending division since August 2020, will report directly to CEO Charlie Scharf and sit on the operating committee. Last year, she became the first Black person to chair the Mortgage Bankers Association, and she took the top spot in American Banker's Most Powerful Women to Watch this year.

The company, which evolved into a refinance-focused call center after a disastrous move into reverse mortgages, reportedly informed employees of the closure on Oct. 14.

That amount of consolidation would be a leap from the previous three-decade high of 33 in 2018, according to Stratmor.

Legal experts are gaming out the various options for the CFPB after a three-judge panel of the U.S. Court of Appeals for the 5th Circuit ruled on Oct. 19 that the bureau's funding is unconstitutional.

Ahead of this week's Federal Open Market Committee meeting, where it is expected to enact another large rate hike, 11 lawmakers sent a letter to the central bank, urging it not to go too far.

They have a range of positions in the mortgage market; and some investors believe they could be bought at a discount now, potentially gaining value later when interest rate stability returns.

The starter home is becoming a myth for many first-time home buyers in the Sacramento market.

The lender earlier this year also filed a poaching suit against CrossCountry Mortgage.

Problems with the closing protection letter are the predominant cause of those errors, a FundingShield report determined.

Major efforts are underway to eliminate discriminatory practices in property valuations.

A former director of digital turned enterprise consultant offers a perspective on how things could have gone differently for the lender that recently exited the forward-mortgage business.

The company said its mortgage subsidiary has pro forma compliance with the pending risk-based capital requirements that other entities claim are difficult to meet.

Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.