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The company also let go of staff in its Chicago-area office, with one account estimating "hundreds of employees" lost their jobs there.

However, the median monthly expense associated with financing is still lower than that for a lease.

Sales of new U.S. homes edged up in October, reflecting stabilizing demand even as builders face supply-chain disruptions and buyers grapple with rising prices.

Purchase and refinance numbers both came in higher, while average loan sizes also recorded an uptick.

The home buying process has undergone significant changes. The pandemic has profoundly altered the mortgage lending market. The continuation of remote work, relocation out of key urban areas, a growing preference for online possibilities, and the deployment of artificial intelligence applications are only a few trends that are shaping the industry. Join Heidi Patalano, Editor-in-Chief of National Mortgage News and Beth O'Brien, Founder and CEO of CoreVest Finance as they discuss how lenders can stay competitive and meet the needs of home buyers in the fast evolving mortgage business.

Borrowers expect the Federal Reserve to raise interest rates next year to contain soaring prices and are locking in favorable terms now, bankers say.

Mortgage lenders and real estate professionals share their perspectives on the cities predicted to draw the most interest from home buyers in the next year, according to the Urban Land Institute.

The number of homes sold in Maine last month fell compared with the previous October, but prices continued to rise due to an ongoing tightening of inventory.

The deal also provides a sequential principal distribution to all of the certificates at all times, unlike recent non-prime securitizations.

Due in part to pandemic-related forbearance, GSE portfolio loans with year-plus delinquencies hit the highest point seen since the Federal Housing Finance Agency started tracking them in 2015.

The company appointed regulation and compliance expert Sonny Abbasi to serve as general counsel following a fund-raise of $52.5 million earlier in the quarter.

But in November, home buyer demand reached its highest level since RedFin began compiling the data in 2017.

Guaranteed Rate and Planet Home name technology officers, while several companies ramp up efforts in reverse mortgage lending.

The Housing Policy Council added its voice to previous requests for federal officials to provide a longer-term comment period on a draft categorization system for government mortgages.

The regional banks are moving past old-school collection calls, instead using emails, texts and on-screen messages to urge delinquent customers to repay debt. Modern communications are said to be more efficient and in keeping with Consumer Financial Protection Bureau debt-collection rules set to take effect Nov. 30.

As interest rates fluctuated and purchase volumes increased in the second quarter, mortgage loans were more prone to defaults, according to actuarial and consulting firm Milliman.

Alliant Credit Union in Chicago is building a database of Consumer Financial Protection Bureau enforcement actions to analyze patterns over time and help it formulate a compliance program that will withstand political swings in Washington.

However, capacity issues, the suspension of the government-sponsored enterprise purchase caps and higher conforming limits all could affect activity, KBRA said.

Sales are on track to exceed 6 million this year, which would be the strongest since 2006.

The Federal Housing Finance Agency should consider allowing small depositories — those defined by regulators to be below $10 billion in total assets — to again make use of structured transactions for seasoned, performing loans, writes the chairman of Whalen Global Advisors.