Mortgages

The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.

The limit for high-cost areas for 2023, 50 percent above the baseline limit, would be approximately $1.08 million, writes a former principal economist with the Federal Housing Finance Agency.

The lender reported a 24% drop in volume quarter-over-quarter but said it compared favorably to the average 29% decline projected by the Mortgage Bankers Association.

But far more staff reductions will be needed to bring numbers back in line with the norm prior to the past two years' extraordinary housing boom.

The company is reporting both higher origination volume and net earnings on a quarter-to-quarter basis.

The company had benefited from the hot pandemic housing market until rising mortgage rates cooled demand, leaving it holding real estate that was worth less than its purchase price.

The company's volume fell behind its wholesale-focused chief competitor's in the third quarter but management foresees potential weakness in the broker channel.

Without the increase in valuations, the company recorded a reduced, adjusted, pretax loss in the third quarter; so it's doing more to cut costs and focus on subservicing strategies.

Leaders of its parent company touted the success of subscription models and also made a case for its proposed merger with Black Knight in an earnings call

The most recent cuts bring the company's total headcount reduction to over 1,000 employees this year.

The lender and servicer had already reduced its funding capacity for originations by a combined $1.5 billion before its latest disclosure.

Following the latest Federal Reserve boost in short-term rates, industry and other observers are anticipating more volatility to affect home loan financing.

The share of borrowers who owe no more than half of the property's market value increased to 48.5% last quarter, according to Attom, a real estate data firm.

A typical entry-level purchaser was 36 this year, three years older than in 2021, data from the National Association of Realtors released Thursday showed.

These associations contribute some relatively affordable housing to a pricey market, but key mortgage stakeholders have tightened criteria in the wake of a building collapse that highlighted the sector's particular risks.

Servicing numbers propelled the REIT to the positive third-quarter result, while the company also announced it had acquired a stake in a commercial real estate investment firm.

The 60-person group, headed by Marc Wadman, originates loans in Colorado, Georgia, Kansas, Louisiana, Missouri, South Carolina and Texas.

High interest rates and affordability concerns continue to suppress purchase demand, though, leading overall numbers down again last week, the Mortgage Bankers Association reported.

If an unusual consumer protection gets rolled back in the state, servicers could get more of a second chance in court and borrowers will lose some protection.

Rocket Rewards is the latest marketing initiative from the mortgage giant following the introduction of home equity loans and a monthly payment reduction offer earlier this year.