Originations

The decline continues the trend of seesaw movements, coming just a week after economic worries led averages to surge.

New capital standards the government bond insurer added were lower than the ones in previously proposed rules that had riled lenders and servicers.

While fewer units are being sold and inventory is rising, both Remax and First American are upbeat about buyer demand remaining strong.

Numbers decreased for both purchases and refinances, which also saw the slowest pace of activity in over 20 years.

The move will reduce the excess capacity in the field but the effects on servicing are likely to dampen the Federal Housing Administration market, Keefe, Bruyette & Woods said.

In a reversal of 2021 trends, inventory is increasing and price reductions are occurring across cost levels, though less often among the least expensive homes, according to reports from Zillow and Redfin.

First American, Old Republic and Stewart did better compared to the first quarter, but all are down year-over-year, and Doma sank deeper into the red.

The bank plans to shrink its vast mortgage empire, which once churned out one of every three home loans in the U.S. and for a time made the bank the most valuable in the nation.

Additionally: FHFA adds reporting mandate for servicers and more layoffs are announced.

Approximately 8% of listings on the market each week are getting a price cut, while the share of offers facing bidding wars fell below 45% in July, the brokerage's latest report found.

The company dialed back loan production activities at its call center and from mortgage brokers as interest rates continued to rise.

As recently as last week, the shuttered Cypress Mortgage Capital was marketing an offer for non-qualified mortgage loans.

After falling earlier in the month on expectations of less aggressive monetary policy, inflation concerns early in the week drove averages higher.

Truework, whose clientele includes several influential mortgage players, facilitates employment checks and aims to make gig-economy data accessible.

The REIT did not issue a securitization in the period because of the upheaval, but found a more receptive marketplace in July.

The lending and servicing giant is also amping up cost-saving efforts with more layoffs after reporting a net loss of $223.8 million in the second quarter.

But volumes are still at least 80% lower from a year ago, while mortgage applications overall came in flat.

The company is looking at the long-term picture, building business for 2023 and beyond, Chairman and CEO Mat Ishbia said.

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.