Underwriting

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.

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.

However, a tiered pricing system will limit an inflation-driven increase to under 10% for a small group of originators.

The change, effective Dec. 21, is being put into place two years after it was first proposed.

A Fannie Mae survey says 36% get only one quote, while a separate Zillow study found 72% don't plan to look for options.

The 15-year fixed-rate mortgage saw an average rise of 6 basis points that was higher than the overall gain, according to a retrospective report issued Wednesday.

Recent changes to the loan level price adjustments should bring business to private mortgage insurers, but if the government agency acts as expected, it would shift the other way, according to a report from BTIG.

The gain of 3 percentage points in 2022 reinforced industry calls for the agency's mortgage insurance premium to be slashed when the current fiscal year federal budgeting process is completed.

A combination of fewer mortgage originations and investment losses for some companies contributed to declines.

The drop was led by a large decline in cash-out refinancing volume, Black Knight said.