Originations

Softening prices have yet to lead to a turnaround in purchase activity, even as the average loan size fell under $400,000.

And rising rates caused the government-sponsored enterprise to cut its forecast for this year.

The cooperative, which is managed by a subsidiary of Altisource Portfolio Solutions, is adding locations in line with a pilot program established earlier this year.

Decline was largely driven by a large dip in cash-out refinance locks.

The company previously announced it would also close its consumer-direct operations, which relied heavily on refinance activity.

Lenders pulled back on government-refinance programs and products for lower-credit score borrowers, pushing loan availability down for the seventh month in a row, the Mortgage Bankers Association said.

Moon Mortgage plans to start originating owner-occupied mortgages that are partially collateralized by cryptocurrency in three states in December.

Plans rolled out by a United Wholesale Mortgage and by Fannie Mae and Freddie Mac could cut costs, but the American Land Title Association warns that the tradeoff is less protection from certain risks.

Fannie Mae's sentiment index is at its lowest point since October 2011, as more consumers think prices will go down than those that expect them to rise.

The number of sellers discounting their original listing grew by over 83% year over year, according to HouseCanary.