Originations

Quicken Loans Inc.'s biggest quarter to date means more jobs in Detroit.

The second quarter continues to shape up as a good one for bank mortgage lenders — and one ancillary service provider — that are benefiting from a spike in volume.

Higher interest rates led to a 1.1% seasonally adjusted decline in mortgage applications compared with the previous week, according to the Mortgage Bankers Association.

Wells Fargo and JPMorgan Chase recorded stronger mortgage originations in the second quarter as rates fell, but profits from single-family loans were lower than a year ago due to decreased servicing revenue.

Despite a significant rise in first-mortgage production due to lower interest rates, profits from home lending in Citigroup's retail banking division fell slightly in the second quarter.

After two strong months, applications to purchase newly constructed homes retrenched a bit as broader policy issues weighed on consumers, according to the Mortgage Bankers Association.

A new wave of mortgage production technologies empower lenders to create a more personalized approach to serving borrowers compared with the ubiquitous loan origination systems created over 10 years ago.

Savings related to artificial intelligence could add up to a couple million dollars within 12 months for lenders with sufficient scale, according to an independent researcher hired by Black Knight.

Mortgage industry hiring and new job appointments for the week ending July 12.

While mortgage rates remained unchanged this past week, further drops are possible as signs from the Federal Reserve point to a short-term rate cut at its next meeting.