Originations

Sales of previously owned U.S. homes rose in January by the most in nearly a year as buyers took advantage of lower mortgage rates at the start of 2024.

Mortgage application activity had its largest decline in a year, according to the Mortgage Bankers Association.

The company, which has paired down its operations to concentrate on reverse mortgages, got a similar notice in December.

U.S. new-home construction sank at the start of the year by the most since the onset of the pandemic, indicating the recovery in the housing market will be gradual as many buyers await a further decline in mortgage rates.

For the first time since mid-December, the Freddie Mac survey reports mortgage rates over 6.7%.

The company was able release credit reserves because of actual and forecasted prices that boosted net income, CEO Priscilla Almodovar said.

The government-sponsored enterprise financed 955,000 mortgages last year, down from the 1.8 million loans it backed in 2022.

The contract rate on a 30-year fixed mortgage increased 7 basis points in the week ended Feb. 9 to 6.87%, the highest since early December, according to Mortgage Bankers Association data released Wednesday. 

One depository has now joined two nonbanks in publicly announcing they're using the advanced score ahead of planned broader implementation by the agency market.

January volume increased 36% compared to the month before and the annual decline in activity was the lowest in almost two years, Optimal Blue said.

The five states with the lowest average realtor commission have an average rate of 4.94%.

Institutions obtaining financing from the FHLB that's secured by their mortgages can now use the advanced score to underwrite collateral loans.

An increase in conventional lending products drove the upturn, but the overall reading of the Mortgage Bankers Association index still landed near the longtime low from late 2023.

The year-over-year gain was 1.3 percentage points higher in the most recent period compared with the third quarter last year, the National Association of Realtors found.

Other servicing gains helped Mr. Cooper profit despite negative mark-to-market valuations and cyberattack costs that led to lower consecutive-quarter results.

Only a few dozen mortgage firms could likely afford the $7 million ad for this year's big game, a marketing veteran said.

The wholesale giant meanwhile is suing four partners for selling loans to Rocket Mortgage and Fairway Independent Mortgage Corp., in violation of its 2021 decree.

Fannie Mae is implementing a new prohibition for traditional valuations and addressing the possibility of the National Flood Insurance Program lapsing.

While the Freddie Mac survey reported just a 1 basis point increase from last week, Zillow's tracker found a 30 basis point rise in the 30-year fixed, more reflective of what happened in the bond market.

The added revenue from servicing plus the data and analytics segment helped to improve the quarter-to-quarter results at the mortgage technology behemoth.