Originations

Borrowers' affordability concerns drove activity lower than normal seasonality in November would indicate, Black Knight said.

The cut occurred across departments and included the dismissal of the company's head of mortgage.

But that's largely because homes are staying on the market longer — almost three weeks more than in early summer on average.

The depository joins other mortgage players small and large in exiting the space amid the market's significantly reduced activity.

Following peaking at 7.08% on Nov. 10, the 30-year fixed has come down three-quarters of a percentage point, Freddie Mac said.

Lenders added jumbo and adjustable rate mortgage products during November, both of which have had lower interest rates than conforming loans, the Mortgage Bankers Association said.

The deal will close for $10 million in cash, plus the right to purchase nearly 33.9 million shares of common stock.

Shares picked up across all federal categories last week, but overall application volumes fell, dragged down by a cooling conventional purchase market, according to the Mortgage Bankers Association.

The seed round was led by Conversion Capital and also includes backing from Blend, Zillow and Figure.

But they will start increasing again by next October, according to a forecast by CoreLogic.