Originations

A gauge of U.S. pending home sales fell unexpectedly in February for a fourth straight month as limited inventory continued to restrict a real estate market that’s now facing another challenge — rising borrowing costs.

Less than 5% of U.S. homeowners can save money by refinancing their housing loans, the smallest proportion in the history of the mortgage bond market, as borrowing rates surge to their highest level in three years.

The Purchase Applications Payment Index was 8.3% higher in February compared with January and 22% over the same month in 2021, the Mortgage Bankers Association found.

Averages rose sharply across the board, as investors focus on the central bank's response to ongoing economic and geopolitical developments.

Dollar losses from business email compromise attacks, many of which target real estate transactions, grew to $2.4 billion last year from $1.8 billion in 2020, a Federal Bureau of Investigations report found.

Refinance applications came in 54% lower than a year ago, but average loan sizes accelerated, with the purchase amount setting another record.

But since every customer’s case is different, it is hard to quantify how large a boost borrowers might get by not having this information on file.

The company founded by former Zillow executives added jumbo loans in January and hinted at additional product offerings in the near future.

Production costs reached a high as secondary-market loan sale margins continued to decline.

The class action complaint comes after U.S. senators called on regulators to investigate the bank’s alleged treatment of minority homeowners.