Originations

Comments from Federal Reserve officials in Jackson Hole last week have markets bracing for further tightening of monetary policy in the near term.

The transaction to buy Roscoe State Bank is slated to close around Oct. 1, subject to completion of the remaining closing conditions.

The company stopped accepting loans last week and said its pipeline must close by the end of September.

The application process was regarded more positively, which suggests originators have been successful at improving in this area.

Purchases have dropped in the last eight out of the last nine MBA weekly surveys, but decreased competition is leading to a pickup in the share of FHA originations.

Although housing costs are still far higher than levels from a year ago, monthly data showed prices declined across five U.S. regions in June, and a separate survey indicated almost one-third of sellers had recently slashed prices.

The non-qualified mortgage lender, hard hit by secondary market upheaval, was out of compliance for low shareholder equity and losing money five years in a row.

The government mortgage-bond insurer's technology initiative has made "huge strides" since June, when it relaunched with new flexibilities, President Alanna McCargo said.

Consumers taking out adjustable-rate mortgages last year put down a median down payment of 23.6%, researchers at the real estate brokerage found.

With Mortgage Bankers Association numbers showing just 57% were profitable in the second quarter, companies have tough decisions to make, but they have options that will help many stay the course.