Originations

Reluctance to eliminate staff with the hope that business will turn around has been a driver of the multiple quarter stretch of industry losses, its latest study of mortgage lenders found.

CrossCountry Mortgage, American Pacific Mortgage and Fairway Independent Mortgage run their shops this way.

A combination of economic and environmental factors are sending property and flood coverage premiums soaring, which can make costs insurmountable for some.

While industry economics are getting better, higher rates in a purchase-focused environment can contribute to an increase in manufacturing errors.

The agreement between The Work Number business unit and Iris Software Group could ease employment and income verification for up to 1 million consumers, the credit-reporting agency said.

The morning after, the benchmark 10-year Treasury yield touched a 52-week high, but Freddie Mac reported a 1 basis point jump.

Lenders are brushing up on ways to minimize losses associated with the increasing costs to fund mortgage pipelines.

And bond market pricing has moved higher in anticipation of today's Federal Open Market Committee announcement even though most expect no increase in short-term rates.

The large companies are facing macroeconomic pressures because of high mortgage rates, Fitch said, but the American Land Title Association noted the industry's strong financial position.

Housing costs grew to an average of $2,632 during the four weeks ending Sept. 10, according to a Redfin report.

Production costs, which typically run higher for such loans, can actually fall during a purchase market, a white paper published by the MBA found.

The 30-year fixed moved 6 basis points this week as investors digested the news from the Consumer Price Index report.

A continued slowdown in refinances, though, drove overall loan-application volumes lower last week, even as the Government Index posted a small gain, according to the Mortgage Bankers Association.

Spreads with the 10-year Treasury are unlikely to narrow from outsized levels even as inflation cools and Fed tightening ends, said Odeta Kushi, an FA economist.

Current affordability challenges appear to have spurred the Department of Housing and Urban Development affiliate to rectify a concern dating back to 1990.

Affordability is the No. 1 concern of millennials and Gen Zers, and that is also affecting views expressed in Fannie Mae's Home Purchase Sentiment Index.

Attorneys suggest the agency will file more claims against mortgage firms as a statute of limitations from a $3 billion Deutsche Bank settlement approaches.

Even though the average for the 30-year fixed loan declined for the second straight week, a buoyant economy will affect future movements, Freddie Mac said.

Purchase-loan activity dropped again to its most subdued level in close to three decades, while refinances saw their smallest numbers in eight months, according to the Mortgage Bankers Association.

The reduction in employment followed a rise in rates this summer, but hiring has generally been stable since spring.