Mortgages

WeWork, once valued at $47 billion, needs to slash costs and shore up its finances as it tries to continue operating.

The firm says the product can save companies in excess of 30% of their existing cost structure.

The former investment type added to net earnings, but a tough market hurt some sectors of it during a quarter in which the company experienced mixed success with M&A attempts.

Earnings benefited from low delinquencies and slow prepayment speeds, but high rates will limit growth opportunities.

The company posted net income of under $301 million in the third quarter, including a $93 million positive mortgage servicing mark.

As the leading player in a specialized niche within the consolidating mortgage market, Finance of America is being watched closely.

A significant fallback in rates brought some borrowers back to the table but cooled interest in adjustable-rate loans, which had surged throughout October, the Mortgage Bankers Association said.

The lender and servicer is still planning for another $120 million in annualized expense reductions in the next few quarters.

The coworking giant's spiral hit landlords along the way as it renegotiated and sought to exit many leases.

But the Fannie Mae Home Purchase Sentiment Index still rose in October versus both September and the prior year.

The company also renewed key partnerships, recorded some reverse mortgage charges it'd previously foreseen and eked out an adjusted pretax origination gain.

In light of the shift over the past few years, most companies in the space have refocused on their long-term strategy, which includes optimizing technology infrastructure and providing a superior customer experience, write leaders from SimpleNexus and nCino.

The retention rate among servicers is at a 17-year low the latest Intercontinental Exchange Mortgage Monitor report found.

The Federal Housing Administration has a floated modernized policy that could permanently replace the temporary one but was asked for more implementation time.

Bigger metro areas Austin, Phoenix and Atlanta each added at least 16,000 units over the past year, increasing their inventories by as much as 5.6%. Rents consequently fell in each market.

The withdrawal of pandemic housing relief and high home prices have heightened consumer strain, according to nonprofit Money Management International.

Voters in one of the U.S. most expensive markets are poised to approve a ballot measure tripling the supplemental property tax that funds programs to support affordable housing.

The top five cities have an average median residential price per square foot of $148.

Direct-to-consumer lenders and iBuyers could be beneficiaries of any rule changes, analysts say.