Economy

The year-over-year drop in January stemmed primarily from loans where a payment had not been made in at least 120 days but shorter-term arrears were higher during the same period.

Home prices nationally fell 0.2% from December, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.

Fewer than 200 staffers were offered different roles in other parts of the company while a handful, including some loan officers, were let go.

The economic situation is more like what happened during the mid-'80s thrift crisis than the 2008 downturn, said Chief Economist Doug Duncan.

Bond market investors continue to drive down the benchmark 10-year Treasury yield, even after short-term rates were boosted 25 basis points on Wednesday.

More hikes are likely as the Board is confident its bid to quell inflation won't deepen a nascent banking crisis.

The Toms River-based lender was supposedly having liquidity issues, according to unconfirmed reports.

Residential starts rose 9.8% last month to a 1.45 million annualized rate, the fastest in five months, according to government data released Thursday

Product availability fell to its lowest level since January 2013 as lenders pulled back on offerings across the board, but especially in conforming loans, the Mortgage Bankers Association said.

Inflation is the top factor in Chairman Jerome Powell's point of view and that will likely determine if there is no increase or a 25 basis point hike, mortgage industry economists said.