Underwriting

Mortgage rates ticked up to their highest mark in six weeks, reflecting the 20-basis-point rise in the 10-year Treasury yield during September, according to Freddie Mac.

A decline in refinancing applications offset the gain in purchase activity, leading to an overall drop in application activity of 0.4% from one week earlier.

CMG Financial is trying out a platform that gives borrowers the ability to raise funds for down payments in conjunction with Fannie Mae loans.

Competition in other areas of consumer lending has driven both VantageScore and FICO to build credit scoring models that are more accurate and more consumer-friendly. Permitting that competition in the mortgage market can increase certainty for lenders and transparency for investors.

The Federal Housing Administration is extending processing hours for reverse mortgages this weekend to accommodate a rush to get loans approved ahead of rule changes coming Oct. 2.

Mortgage lenders took on more risk in the second quarter as the share of loans to real estate investors and condominium owners increased, according to CoreLogic.

Mortgage rates remained unchanged from last week even through the 10-year Treasury yield first moved lower then spiked up during the period, according to Freddie Mac.

Reverse mortgage lenders are stretched thin to the point of having to turn borrowers away as seniors rush to get ahead of Home Equity Conversion Mortgage changes that will raise fees and lower loan limits.

While millennials were the largest group of home buyers in the past 12 months, many had problems with affordability and the down payment.

Mortgage application activity decreased 0.5% from one week earlier as a decline in refinance volume was only partially offset by an increase in purchases.