Industries

As the mortgage industry swings more toward purchase loans and away from refinancings, its risk from material misrepresentations increases.

Loan application defect risk continued to decline in May, according to First American Financial Corp.

The Little Rock, Ark., bank got the final regulatory approval it needed to buy C&S and C1, but not before agreeing to address some community reinvestment concerns in the Atlanta market and elsewhere.

BancorpSouth Bank agreed Wednesday to a $10.6 million settlement with the Consumer Financial Protection Bureau and the Justice Department for allegedly discriminatory mortgage lending practices that harmed minorities.

Contracts to purchase previously owned homes fell more than projected in May, a sign demand cooled after a robust start to the busiest selling season of the year.

The Consumer Financial Protection Bureau is keeping lenders in the dark about how it will ensure borrower data is secure and private under the expanded Home Mortgage Disclosure Act reporting requirements.

The Connecticut Housing Finance Authority intends to offer up to $63 million in fixed-rate bonds on Tuesday and $23 million as variable rate on July 13.

Home prices are more likely to go down in states with economies driven by the energy industry than across the country overall, according to Arch Mortgage Insurance.

Home prices in 20 cities rose at a steady pace in April from a year earlier, a sign demand for residential real estate remains solid enough to support both buyers and sellers, data from S&P/Case-Shiller showed Tuesday.

New York City broke ground on a $67 million reconstruction project at the Ocean Bay-Oceanside development in the Rockaways.

Suffolk Bancorp said increased oversight of commercial real estate contributed to — and may have accelerated — its decision to sell to People's United. Other banks could make a similar choice.

New York's landmark Waldorf Astoria hotel is scheduled to close in spring 2017 so owner Anbang Insurance Group Co. can begin converting most of the more than 1,400 rooms to luxury condominiums.

Home prices continued their upward climb, particularly in the Western part of the country, in April, according to Black Knight Financial Services.

Entry-level home values rose at double the rate of top-tier homes over the past year, according to Zillow.

The market gyrations following the United Kingdom's vote to leave the European Union have an upside for mortgage lenders, as already-falling interest rates are expected to boost home purchases and refinancing.

Ten banks have invested a total of $25 million in the fund, which buys up mortgage-backed securities tied to loans made for the development or rehabilitation of affordable single- and multi-family homes.

Steve Victor, a 33-year-old IT contractor from London, says he's pulling out of the purchase of a new four-bedroom home in the town of Bedford after Britain voted to leave the European Union.

A popular narrative of the housing market has been that big city prices are locking out young buyers, feeding a cycle in which a growing number of people are forced to rent at ever higher rates as demand overwhelms supply.

Housing markets were less affordable than their historic norms in 18% of counties across the country, according to RealtyTrac.

Mortgage rates are up two basis points over the previous week, but they are not increasing as fast as the benchmark 10-year Treasury yield.