Originations

The 30-year fixed pushed up another 8 basis points this week as the markets are speculating about what the Federal Reserve will do next.

The company lost $163.7 million last year as funded origination volume fell 71% annually to $27.6 billion in 2022.

Executives at the company pointed to market volatility, year-end seasonality and its exit from the wholesale channel as reasons for the deficit.

The top five depositories have a combined second lien dollar volume of more than $88 billion as of September 30, 2022.

The increase in federally backed loan activity helped drive overall volumes upward for the first time since early February, even as interest rates jumped again, according to the Mortgage Bankers Association.

The share of consumers worried about potential job loss spiked to its highest point in 12 months, leading to a downturn in outlook, according to Fannie Mae.

The announcement came as a Federal Trade Commission suit to halt the deal became more likely.

The new special purpose credit program is part of efforts to reduce the racial gap in homeownership and offers assistance to borrowers who meet certain income and location requirements.

A legal filing could come as soon as Thursday, sources close to the matter claimed.

Even with the government-sponsored enterprise's statement that full appraisals are no longer required to prove value, industry participants say they will remain a tool for lenders to use when needed.

Lenders have focused on front-end cost differences since key secondary market players opened up the option, but what happens when a problem emerges down the road is worth weighing too.

A likely recession will only further the six active players' conservatism in their capital strategies, Fitch Ratings said.

The CFPB is requesting input on adding specifications that are intended to alleviate TRID compliance concerns on construction-to-permanent single-close loans and those requiring separate construction and home loan closings.

Brett Dillenberg oversees six branches previously under the umbrella of LendUS that were acquired by the Ohio-based lender last year.

In the four weeks through Feb. 26, the median price for a typical home was $350,246, down 0.6% from the same period a year earlier, the brokerage said Thursday.

The proposal is out for comment through May 1, and the initial mortgage lender reaction is that the measure could be helpful with remote work and budgeting.

Purchase and refinance mortgages continued their slide as total origination volume was $475.5 billion during the final months of 2022, down 56% from the end of 2021.

The increase reflects the rise in the 10-year Treasury yield, which is back above 4% for the first time since that month.

The ownership rate among the group rose 4 percentage points in ten years to top 50%, according to a report by the National Association of Realtors.