Originations

Loan availability also took its steepest monthly dive since the first months of the coronavirus pandemic, with jumbo products falling off by more than 13%, according to the Mortgage Bankers Association.

About 64% of borrowers would like loans to be closed in three weeks, according to Arizent research.

While a growing share of consumers expect housing costs and interest rates to decrease over the coming year, uncertainty is also leading some to see it as an inopportune time for both purchasing and selling, Fannie Mae reported.

July marked the first month this occurred, suggesting that the small reversal in the upward trend of financing costs wasn't enough to change the downward trajectory in homebuyer activity.

Waning mortgage activity slashed net income 72% in the second quarter to $58.3 million.

The San Francisco-based company recently raised $14 million in Series A funding and closed more than $400 million in sales in the first quarter.

The company is withdrawing from consumer-direct lending and making other reductions given that widening spreads failed to offset savings from aggressive layoffs and gains in servicing advisory services.

More cost reduction is on the way in the third quarter, but management says it will not layoff staffers, despite having some excess capacity.

The 30-year average has declined by 55 basis points in two weeks.

The Tennessee-based originator is now a private-label retail group, which has branches in Alabama and Kentucky in addition to its home state.