Underwriting

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

The final rule also orders the government-sponsored enterprises to give advance notice of new activities to determine if they are subject to these procedures.

The bill will require the agency to codify the use of desktop appraisals.

Lower rates brought some purchasers back to the market in November but activity remains lower than one year ago, the Mortgage Bankers Association said.

Back in 2018, Trump Administration officials attempted to have the case dismissed but the federal court system rejected its petitions.

And having a paperless process was an important reason for many in picking their originator, the National Survey of Mortgage Originations found.

Borrowers' affordability concerns drove activity lower than normal seasonality in November would indicate, Black Knight said.

Lenders added jumbo and adjustable rate mortgage products during November, both of which have had lower interest rates than conforming loans, the Mortgage Bankers Association said.

Higher inflation and mortgage rates led to the increased likelihood that conforming loans originated in the three months ended Sept. 30 would go 180 or more days delinquent, Milliman found.

A potential borrower should have a credit decision in the "matter of one minute," the lender said.