Mortgages

More than half the amount the Treasury handed down to the states got to recipients even with delays in jurisdictions like Pennsylvania.

The Fed's higher for longer statements have pushed up the 10-year Treasury in recent weeks to levels last seen in 2007 and that is affecting pricing.

Contract closings decreased 2% from a month earlier to a 3.96 million annualized pace, National Association of Realtors data showed Thursday.

Questions about how it will be implemented and whether the rest of the market will follow the agency's lead make the expense involved difficult to estimate.

American Bank of Oklahoma agreed to a consent order in August to settle allegations from the Department of Justice over redlining. However, the institution strenuously objected to references to the Tulsa Race Massacre in the agreement and asked that the language be stricken.

How far have these programs come in reaching their goals and how much further do they need to go?

The partner unit of the German software firm will offer its cloud-based lending platform to a range of financial businesses, partnering with Blue Sage and Ranieri Solutions for origination and servicing capabilities.

Adjustable-rate mortgages nabbed their largest share of activity in almost a year, as the 30-year conforming average inched closer to 8%, the Mortgage Bankers Association said.

While on the positive side, Fannie Mae CEO Priscilla Almodovar said the loan defect rate has dropped 75%, she and Freddie Mac President Michael Hutchins noted that they're closely examining disruptive servicing transfers and standards for multifamily properties.

Residential starts increased 7% last month after falling by the most in over a year in August, according to government data released Wednesday.

Providing support to affordable rental developments is a key component in the Biden administration's efforts to increase housing supply.

But the industry will still have to go through some pain in 2024, Wharton Professor Susan Wachter told attendees at the Mortgage Bankers Association annual convention.

The servicer said it entered into the consent order "without admitting any wrongdoing, to avoid the expense and distraction of litigation."

Homebuilder sentiment fell to a nine-month low in October, the latest indication of the toll on residential real estate from soaring mortgage rates and declining affordability.

The top five banks have a combined mortgage servicing volume of more than $27 billion at the end of Q2 2023.

The bottom five cities in the ranking have an average total score of 30.48.

The lucrative broker commission system at the heart of the residential housing market is facing unprecedented antitrust scrutiny from the Justice Department and two private class-action lawsuits that risk weakening the National Association of Realtors, the industry's powerful lobbying group.

Not only could warehouse lines of credit be impacted by the U.S. version of international Basel rules, and financing secured by mortgage servicing rights may be, too.