Mortgages

First-time homebuyers are finally jumping into the U.S. property market.

Credit unions' share of the mortgage origination market has climbed steadily since the financial crisis. The sector expects to build on that momentum in 2016, even as significant headwinds loom.

Home prices rose 8.8% in December on a year-over-year basis, as the dearth of available homes forced prices up, according to Redfin.

MGIC Investment Corp. posted net income of $102.4 million in the fourth quarter, a gain of 36% from the $75.1 million it earned in the same period in 2014.

Barclays Plc is exiting residential mortgage and commercial mortgage backed securities trading and asset-backed derivative in the U.S., according to a memo seen by Bloomberg. Operations will be focused on origination-led ABS and primary CMBS.

The average interest rate on the 30-year fixed rate mortgage rates fell this week to a three-month low, as investors exited stocks and commodities for the safety of government bonds.

Ocwen Financial Corp. will pay $2 million to settle charges that it misstated its financial results in valuing complex mortgage assets, said the Securities and Exchange Commission.

Redwood Trust in Mill Valley, Calif., plans to stop buying mortgage loans to resell to Fannie Mae and Freddie Mac as it looks to cut costs.

Lenders must treat self-service technology as a tool that facilitates, rather than defines, the mortgage borrowing experience.

It took an average of 49 days to close a residential mortgage loan in December, a week longer than it took one year prior, according to Ellie Mae. This was unchanged from November.

Default rates on various types of consumer loans were down 14 basis points in December on a year-over-year basis but were unchanged from November, according to Standard & Poor's and Experian.

Mortgage applications leapt 9% on a seasonally adjusted basis for the week ending Jan. 15 compared to one week earlier, according to the Mortgage Bankers Association.

Overlapping missions and jurisdictions are fueling competition between the Consumer Financial Protection Bureau and the Federal Trade Commission, according to former officials at both agencies.

Goldman Sachs Group Inc.'s fourth-quarter net income dropped 65% because of the costs to settle a mortgage probe.

New-home construction in the U.S. unexpectedly fell in December, indicating the industry lost some momentum entering 2016.

Bank of America's mortgage banking income was down 26% from a year ago due to a decrease in core loan production revenue and higher intercompany charges during the fourth quarter.

David Miller resigned as chief executive officer of Silver Bay Realty Trust Corp., and board member Thomas Brock will lead the single-family landlord during the search for a new CEO.

Credit Plus in Salisbury, Md., has introduced loan repurchase insurance for mortgage lenders and servicers that use its verification products.

Interstate Hotels & Resorts in Arlington, Va., has formed a partnership with Hospitality Funding to provide financing for hotel development projects.

In one corner are groups like the Community Home Lenders Association and the major credit union groups, which are hoping the administration will further cut premiums after a reduction a year ago. On the other are MBA and ICBA, which argue a cut now would be too soon.