Mortgages

At the same time, market share among a trio of the mortgage insurers shifted, data compiled by Keefe, Bruyette & Woods found.

In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.

The industry hasn't been sure how much of a lift they'd get this spring but a broader slowdown in hiring may help to lower financing costs.

Rocket Cos. reported an increase in gain-on-sale margin but warned that going forward it is likely to slip back to levels seen in the second half of last year.

The 2022 vintage had a higher percentage of purchase mortgages, as well as 30-year fixed-rate loans versus the 2021 production, an annual Federal Housing Finance Agency report said.

Almost half of parents said their grown children returned to live with them after graduation, placing greater challenges on their own long-term housing and retirement goals, according to a recent survey.

But the mortgage unit of Intercontinental Exchange narrowed its quarterly losses and touted the addition of several new customers this year in its earnings call.

Mortgage rates reached their highest point since the end of November, seemingly not severely impacting Spring home purchase activity, Freddie Mac said.

Like some other servicers, it recorded a positive change in valuations during the first quarter, contrasting a negative adjustment in the previous period.

The top five producers had an average non-QM loan volume of nearly $94 million for 2023.

Zillow Group Inc. shares fell after the real estate company published a second-quarter outlook that called for lower revenue in its core business and predicted stalling growth in the broader U.S. housing market.

Title insurers, whose activity is highly correlated to mortgage production, wrote $15.1 billion in premiums during 2023, down from $21 billion in 2022 and $26.2 billion for the year before that.

The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.

Both quasi-public mortgage investors have new requirements for when borrowers question valuations. Freddie Mac is expanding use of title insurance alternatives.

The April 26 update came two days after the group received preliminary approval for the Sitzer/Burnett agreement.

Top Federal Home Loan bank officials said they fear the Federal Housing Finance Agency will use supervision to further the goals of last year's report recommending reforms to the Home Loan Bank System.

Both purchase and refinance activity slowed, with inflation likely to keep interest rates at challenging levels for future borrowers, according to the Mortgage Bankers Association.

Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.

Profits in the originations and servicing segment at Newrez drove earnings, while a possible spinoff of Rithm's mortgage operations is still seen as a "work in progress," according to company leaders.

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