Mortgages

At least one other nonbank wholesaler will be following suit, with more likely to follow.

The 15-year average crossed the 5% threshold for the first time in over a decade.

Price levels "remained highly elevated," but nine districts reported some degree of moderation in their rate of increase, the report showed. The price of food, rent, utilities and hospitality services, in particular, rose substantially across all 12 Fed districts.

Frustrations with gatekeeping, a lack of diversity and the way home appraisal is overseen are spurring many practitioners to call for an overhaul of the industry's governance structure.

A "Big 3" credit bureau is testing a direct data feed into a FICO score, and a top multifamily mortgage lender signed a multiyear contract with a high-profile fintech platform.

The venture-backed fintech also rolled out an option that allows the borrower to "undercollateralize" a property using the USDC stablecoin, pledged at 40% of the value.

Home values dropped for the first time in 31 months between June and July but this is obscured by 14.5% year-over-year appreciation.

Manhattan home sales under $1 million sagged well below their pre-pandemic levels this summer, as rising interest rates cut into buyers' purchasing power and sidelined some potential consumers. 

Declines in both purchases and refinances contributed to fractionally lower activity, as rising interest rates provided no relief.

Housing's unusually high appreciation rates have now slowed for three months straight, and the number of metropolitan areas that are considered overvalued keeps growing, according to CoreLogic.

Consumer demands for lower density and more affordable prices fueled a larger share of construction outside urban cores, but recent trends have led to slowdowns across the board.

The company is acting nearly a month earlier than its competitors did in 2021, the first shot in this year's "loan limits wars."

Citigroup joined rivals in trimming the ranks of its mortgage workforce as rising interest rates continue to crimp demand in the housing market. 

Higher mortgage rates have led to a sharp slowdown in cash-out refinances. Second mortgages were up nearly 50% in the first five months of the year as homeowners looked for new ways to borrow against their equity.

As the GSEs enter their 15th year in conservatorship, shareholders are wondering when they'll get their company back.

Bond credit enhancement has benefited from historically higher-than-average prepayment speeds and low realized losses despite a COVID-related rise in delinquencies.

A larger share of cash-out loans and slowing home-price growth is leading to expectations of more serious delinquencies down the road, according to Milliman.

This product, available throughout all of the company's channels, is characterized by interest-only payments over the first 10 years of the term.

The move comes amid a price war in the industry sparked by United Wholesale Mortgage.

The industry has cut tens of thousands of positions since January, according to the latest Bureau of Labor Statistics estimates.