Originations

Home purchasers had to come up with 0.9% more in April versus what they would have paid in March and 11.8% higher on a year-over-year basis, the Mortgage Bankers Association said.

The unit was looking to remain as a team, but reportedly the buyer was only interested in the sales staff.

The transaction helps cement WFG's place in the Bay Area market, something it has targeted since its 2010 founding, Chairman Patrick Stone said.

The 30-year conforming average reached its highest point since March last week, while loan application volumes finished 35% below their levels from a year ago, a trade group said.

Purchases of new single-family homes increased 4.1% to an annualized 683,000 pace last month from a downwardly revised 656,000 rate in March, government data showed Tuesday.

Some stakeholders have worried about the estimated date for the transition to a new way of calculating credit worthiness, but an official assured attendees at an industry conference that the agency won't act prematurely.

Starting June 7, the enterprise's platform will be able to analyze pay stub information.

But the country is still likely heading towards a recession and it could be deeper than previously thought, Mortgage Bankers Association Chief Economist Mike Fratantoni said.

The Mortgage Bankers Association sees the likelihood of a rise in sales activity later this year based on recent construction trends, in a turnaround from the 2022 market.

Artificial intelligence can help cut bias out of credit models. The Consumer Financial Protection Bureau should make it easier for lenders to adopt it.