Underwriting

Various affiliated companies participated in the creation of the transaction, including its publicly traded REIT, which owned a significant portion of the mortgages.

Approximately 20 million U.S. residents – the majority of which were Gen Zers – took out their first debt product between the start of 2019 and mid-2022, a TransUnion study found.

The Chicago-based lender will provide up to $8,000 in down payment and closing cost assistance to underserved potential home buyers.

Currently, there's no standard mechanism for lenders to easily access this information.

With Control Your Price loan officers can lower the interest rate by up to 40 basis points on a loan and by 1.25 percentage points across their pipeline.

The shift opens the door for regional banks to increase their aggregation activities, analysts said.

Many industry stakeholders have been watching certain credit measures closely for signs that underwriting is loosening out of concern it could do so excessively, but indicators still show it's historically tight.

The change allows for more accessible financing options for a greater number of listings, but not all of those potential buyers qualify for conforming mortgages, Zillow said.

But at least one trade group said the Federal Housing Finance Agency needs to be careful to avoid restraining innovation and new product development.

The Federal Housing Finance Agency said it would heed the recommendation from a report by its Office of the Inspector General released this week.