Originations

The venture-backed fintech also rolled out an option that allows the borrower to "undercollateralize" a property using the USDC stablecoin, pledged at 40% of the value.

Home values dropped for the first time in 31 months between June and July but this is obscured by 14.5% year-over-year appreciation.

Declines in both purchases and refinances contributed to fractionally lower activity, as rising interest rates provided no relief.

Housing's unusually high appreciation rates have now slowed for three months straight, and the number of metropolitan areas that are considered overvalued keeps growing, according to CoreLogic.

The company is acting nearly a month earlier than its competitors did in 2021, the first shot in this year's "loan limits wars."

This product, available throughout all of the company's channels, is characterized by interest-only payments over the first 10 years of the term.

The move comes amid a price war in the industry sparked by United Wholesale Mortgage.

Even though a Compass Point report states the pair have validated the credit scoring model and could implement it in the first quarter of 2023, interested parties would not verify it.

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.

The amounts canceled may not clear away enough debt to help all recipients immediately qualify or improve their ability to repay, but over time the savings may bolster originations and performance.

The software for lenders is a bright spot for the fintech, which is reeling from a difficult second quarter in which it recorded a heavy loss due to an assessment of its title business.