Originations

Higher expenses pushed per-loan losses further into the red for the first time in three quarters and with lower production expected through the first three months of next year, the picture remains bleak.

The decision removes any possibility that the Chicago-based firm would recapitalize or peddle Republic Mortgage Insurance to an outside entity.

While it can also be used to obtain mortgage and other product information, the app features teaming personal wellbeing content from Dr. Deepak Chopra.

Sun Belt cities saw the greatest annual decline in transactions over the third quarter, with Atlanta's number down to half of its level at the same time in 2022, Redfin said.

Broader economic factors, including growing household debt, are also likely to keep the housing market stagnant, Freddie Mac said.

Its strong balance sheet opens up opportunities for the mortgage lender to bring more companies under its helm, executives during the earnings call said.

The firm says the product can save companies in excess of 30% of their existing cost structure.

Earnings benefited from low delinquencies and slow prepayment speeds, but high rates will limit growth opportunities.

The company posted net income of under $301 million in the third quarter, including a $93 million positive mortgage servicing mark.

A significant fallback in rates brought some borrowers back to the table but cooled interest in adjustable-rate loans, which had surged throughout October, the Mortgage Bankers Association said.

The lender and servicer is still planning for another $120 million in annualized expense reductions in the next few quarters.

But the Fannie Mae Home Purchase Sentiment Index still rose in October versus both September and the prior year.

The retention rate among servicers is at a 17-year low the latest Intercontinental Exchange Mortgage Monitor report found.

Direct-to-consumer lenders and iBuyers could be beneficiaries of any rule changes, analysts say.

The fintech rolled out a Lending-as-a-Service (LaaS) platform, which gives lenders access to its system. The first mortgage shop to sign up is Guaranteed Rate.

But the company was profitable for the second consecutive period under standard accounting principles in the third quarter.

The broader economy added 150,000 positions, a number the bond market initially read as likely to soften rates, but some economists interpreted differently.

The association is grappling with potentially existential threats as major brokerages pull out of the group and a set of lawsuits threatens to squeeze the association and its members.