Originations

The company, which is undertaking a substantial cost-cutting reorganization and laying off thousands, also announced pay raises last month for at least two executives.

The high interest rate environment is causing repeat buyers to pull back from the market, creating ample space for entry borrowers to purchase a home.

Origination activity dropped quarter-to-quarter by more than prior industry estimates, however.

The letter, sent under the banner of the Black Homeownership Coalition, is the second in two months sent by the trade group in its ongoing campaign.

Altogether, the lender has reduced funding capacity by over $900 million in the past month.

Following the Consumer Price Index release, the 10-year Treasury yield broke through 4%, making continued increases likely.

And a trio of large publicly traded nonbank lenders looking to defend market share may consider buying those mid-sized brethren, a Keefe, Bruyette & Woods report said.

Their summer gains come as home price growth begins to slip and reverse mortgage volumes hit a two-and-a-half year low in September.

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.

The decline ended a six-week streak of increases, but given the latest moves in the 10-year Treasury yield, rates are likely to soon rise again.

In this session, NFM Lending's Chief Business Development Officer Greg Sher discusses its influencer unit and how it built an infrastructure for handling the tidal wave of engagement that results from a successful social media presence.