Mortgages

The recent spike in interest rates has also led to elevated ARM activity, which accounted for over 10% of all applications.

The partnership allows prospective borrowers to upload bank or payroll information and work with loan officers online through the signing process.

While the agency affirmed the bank's current high ratings, it also cited instances of noncompliance, which led to the downgrade.

U.S. sales of new homes unexpectedly rose in August, representing a break in an otherwise rapid descent this year for a housing market still at risk of further deterioration as mortgage rates climb.

The decline was "widespread" impacting eight of the nine U.S. census divisions, according to the Federal Housing Finance Agency.

Investor activity in the housing market has had a nominal impact on the cost of housing, the head of the National Rental Home Council writes, citing research by one of the government-sponsored enterprises. Supply-demand imbalance is the primary driver of price appreciation, he argues.

The Federal Housing Administration also announced it would incorporate similar borrower history into its underwriting beginning at the end of October.

The deal with American Mortgage Services Co. comes as originations continue to slow. However, lower valuations may be limiting current M&A activity, according to some experts.

The shift to working from home drove more than half of the increase in house and rent prices during the pandemic and will likely drive up costs and inflation going forward as the shift becomes permanent, according to research from the Federal Reserve Bank of San Francisco. 

When voters in Oakland, Berkeley and South San Francisco receive ballots in the mail next month, they'll be asked whether their cities should be allowed to help build more desperately needed affordable housing.

Mortgage rate shock and increased choice continued to drive more than 15% of homebuyers to back out of deals in the latest month's numbers.

The four depositories with the highest volumes wrote more than sixty million dollars in loans combined in Q2.

These refinance transactions are being driven by the homeowner's need for cash, according to Black Knight

The month ended with 54,000 less properties for which the borrower was at least 30 days or more late on their payments, Black Knight said.

The Federal Housing Finance Agency's quarterly report said that the government sponsored enterprises prevented a total of 96,952 foreclosures

The Consumer Financial Protection Bureau's latest request for information floats the idea of an "auto-refi" and potentially extending pandemic-related options like forbearance for permanent industry use.

"To talk about 95% of issuers by count being compliant without recognizing that a very large number of issuers hold few MSRs is disingenuous," one industry executive told the chairman of Whalen Global Advisors.

Both companies have rolled out tools that allow for communications to take place entirely in Spanish if the customer desires.

BayFirst Financial Corp. said it initiated the process of shuttering its out-of-state network of residential mortgage loan production offices.