Originations

Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.

The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.

At the same time, market share among a trio of the mortgage insurers shifted, data compiled by Keefe, Bruyette & Woods found.

The industry hasn't been sure how much of a lift they'd get this spring but a broader slowdown in hiring may help to lower financing costs.

Rocket Cos. reported an increase in gain-on-sale margin but warned that going forward it is likely to slip back to levels seen in the second half of last year.

But the mortgage unit of Intercontinental Exchange narrowed its quarterly losses and touted the addition of several new customers this year in its earnings call.

Mortgage rates reached their highest point since the end of November, seemingly not severely impacting Spring home purchase activity, Freddie Mac said.

The top five producers had an average non-QM loan volume of nearly $94 million for 2023.

The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.

Both purchase and refinance activity slowed, with inflation likely to keep interest rates at challenging levels for future borrowers, according to the Mortgage Bankers Association.

Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.

Profits in the originations and servicing segment at Newrez drove earnings, while a possible spinoff of Rithm's mortgage operations is still seen as a "work in progress," according to company leaders.

The investment giant said its direct-to-consumer channel will offer ancillary products in preparation for any future refinance environment.

The Federal Housing Administration removed housing finance firms from the list of permitted interested-party contributors in a new reverse-mortgage rule.

The top five producers had an average dollar volume of more than $99 million in jumbo production.

The Biden Administration's title waiver pilot has started a broader discussion on whether the product is worth the money paid or even needed at all and can be replaced by an alternative.

Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.

Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.

An index of contract signings from the National Association of Realtors climbed 3.4% to 78.2 last month, the highest since February 2023.

The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.