Originations

After falling to a 10-year low in April, credit on the market diminished further last month, with government, conforming and jumbo offerings all decreasing, according to the Mortgage Bankers Association.

Republican-led bills seeking to reverse adjustments to mortgage fees and a bipartisan bill aiming to reinstate tax deductions on mortgage insurance stand to change operations for lenders if they pass.

Volume was lackluster on account of elevated rates and low inventory, Black Knight's report said.

The top five lenders have a combined second-lien volume of more than $95 billion at the end of Q1 2023.

But a large gap exists in the degree of energy and investment depository institutions put in their customer acquisition efforts versus nonbanks, according to Arizent research.

Originations in the government-insured market also have been higher following the reduction in the Federal Housing Administration's premium.

But Zillow's rate tracker came in flat, while Optimal Blue's rose 10 basis points from its low last Thursday.

Approximately 320,000 properties valued up to $256,000 are missing from the market, a report from the National Association of Realtors and Realtor.com found.

The bill would update mortgage revenue bonds and credit certificates, which are both administered by housing finance agencies.

The top five lenders wrote a combined total of more than $34 billion in home loans during the quarter.

A larger share of sellers were optimistic in May, but the percentage of enthusiastic buyers fell, according to Fannie Mae's Home Purchase Sentiment Index.

The GOP has launched multiple proposals with this aim and a trade group is specifically backing an expansive one from Rep. Warren Davidson, R.-Ohio.

Government-backed activity, though, managed to grow, which helped to shrink purchase-loan sizes to their smallest in over two months, the Mortgage Bankers Association said.

The Berkshire Hathaway unit first invested in the underwriter in May 2022. Previously it was wholly owned by Realogy.

Worries about unknown future expenses and the state of their own finances are also causing anxiety for over 80% of U.S. consumers, according to new research from BMO.

Residents in the top five cities have an average median credit score of 800.4 in 2022, according to WalletHub.

But scarce housing inventory has helped to bring home equity values back upward, offsetting some of the losses of late 2022.

State Farm General Insurance Co. said it's no longer accepting new applications for property and casualty coverage in California last week, a year after Allstate Corp. also paused new policies, worsening what FAIR Plan, a state-mandated insurance pool, called a "looming insurance unavailability crisis." 

Staff retained or added for the spring homebuying season has stemmed the tide of layoffs for now, according to the Bureau of Labor Statistics' latest figures.

A change in investor sentiment toward an expected pause by the Fed in short-term rate hikes was the driving force behind the current surge, Freddie Mac said.