Originations

Easing interest rates pushed purchases up, with their average loan size also declining to its lowest point since early 2021, but refinances fell again.

Home prices in many areas have peaked and the equity cushion that has bolstered loan performance is starting to erode, but some think damage will be limited.

Jumbo offerings continued to tail off, offsetting a small gain in the availability of government-backed loans, according to the Mortgage Bankers Association.

The gain of 3 percentage points in 2022 reinforced industry calls for the agency's mortgage insurance premium to be slashed when the current fiscal year federal budgeting process is completed.

A combination of fewer mortgage originations and investment losses for some companies contributed to declines.

The drop was led by a large decline in cash-out refinancing volume, Black Knight said.

The company's India office was not impacted by the recent layoff, sources say.

The non-qualified mortgage lender lost $13 million in the quarter, a slight improvement over the previous period.

The latest move from the lender comes after a recent purchase of a Massachusetts brokerage and the appointment of several new leaders.

The Federal Housing Finance Agency is reducing the amount lenders can sell to a government-sponsored enterprise by $3 billion next year.