Mortgages

Inflation and higher interest rates are hurting distressed borrowers, but low unemployment, remaining forbearance and loss mitigation options are still blunting their impacts, recent loan-performance numbers suggest.

Home sales were down by 17% in June, while inventory increased over 27%, compared to numbers from one year ago, according to Remax.

Delinquencies are likely to rise if both interest rates and inflation continue their upward movements, a DBRS Morningstar report said.

If a reduction was critical at a time when interest rates were at record lows, it has become more imperative as affordability wanes, the Community Mortgage Lenders Association argues.

The slowdown in new single-family construction is one of several headwinds homebuilders find themselves facing this summer.

Like other mortgage lenders, the San Francisco megabank has been cutting staff since refinancing volumes started to fall. Additional layoffs are expected over the next couple of quarters, according to the bank’s chief financial officer.

These results are likely to be mirrored by the nonbank lenders when they report earnings, said Keefe, Bruyette & Woods.

Both the 203(k) and Title 1 programs have not gotten attention by the agency for quite some time, senior officials admitted during a briefing.

Wells Fargo missed analysts’ earnings estimates as home lending slowed and the bank set aside more than expected for potentially soured loans as the Federal Reserve’s rate hikes started to cool the once-hot housing market.

The San Francisco bank reported a 31% increase in loan originations during the second quarter. Analysts are wondering whether it will be able to secure enough low-cost funds to avoid eroding margins.

The embattled mortgage business cut approximately 72% of its workforce over a six-month period, according to a Securities and Exchange Commission filing.

Following their largest drop in over a decade one week ago, averages rapidly swung upward as recession talk receded.

With rising interest rates and lower affordability, the velocity of value increases is likely to decelerate further in coming months, Fannie Mae said.

While the reason behind the deficit for every city is different, it is leading to soaring prices as the country faces high interest rates and a possible recession.

New starts in the first half of the year came in 19% higher than early 2020, but primarily affected long-delinquent properties protected by moratoriums.

The company looks to leverage its understanding of credit risk developed through its mortgage insurance and analytics operations.

Led by Rep. French Hill, the group of conservative lawmakers said the agency must do more to ensure appropriate transparency regarding any new products or activities that the enterprises undertake.

Although refinances picked up after the July 4th holiday, they failed to offset a larger decline in purchases.

The organization has a new sample notice, the statement of credit denial, termination, or change form, with an accompanying XML file for implementation.

Switching to a system in which the buyer pays an agent’s fee out of pocket would be most damaging to minorities and first-time home buyers, who could have more difficulty in qualifying for a loan, the HomeServices of America paper said.