Mortgages

The Office of the Comptroller of the Currency slammed the scandal-plagued bank for violating a 2018 consent order and for problems with loss mitigation practices in its home lending division. The bank will also be restricted from acquiring certain residential mortgage servicing rights.

The company will roll out the program it has been piloting, Appraisal Direct, nationwide on Oct. 1.

While the monthly numbers are higher, they remain a far cry from pre-pandemic levels, suggesting it could be awhile before they return to normal.

Property losses piled up in Mid-Atlantic and New England states as the tropical storm devastated the East Coast, according to CoreLogic.

But refinance volume was constrained in recent weeks and many of the new offerings are aimed at low income borrowers, the Mortgage Bankers Association said.

Effects of major economic announcements this summer have had little impact on the lending market, with averages remaining under 3% since July.

Orchard, which offers cash to homebuyers upfront so they can purchase a new residence before selling their old one, raised $100 million to fuel growth in an ultra-competitive housing market that’s pushing shoppers to find new ways to stand out.

But a greater number still expect decreased margins for the fourth straight quarter, due to competitive pressures and shifting demands in purchases and refinances

Both government-sponsored enterprises approve more borrowers across the board than the broader market but the relative progress each has made differs across racial groups, numbers released Wednesday show.

But distressed loans released from backlogs by discontinued foreclosure bans could drive numbers higher eventually, depending on the strength of the housing market

Refinance and purchase applications both declined, while average loan sizes shrunk for the fifth consecutive week.

Single-family home construction also increased across communities of all sizes, but notably in outlying metro areas.

A rising — but still small — share of borrowers believe interest rates and housing price appreciation will fall in the next year, according to Fannie Mae.

The jump is the largest 12-month gain in the index since the series began 45 years ago.

The changes could help one of the Biden administration’s affordable housing goals, which is aimed at making wealth-building through owner-occupied, 2- to 4-unit properties more attainable.

Residential construction was up 27% year over year in July, according to the U.S. Census Bureau.

Improved capitalization and smaller balance sheets should help several weather the likely consolidation that is coming, Moody's said.

Almost $35 million of the total is earmarked for compliance efforts at 93 organizations.

What that means for the industry outlook depends in part on how well the imbalance between supply and demand for homes sustains wavering gains in the housing market.

About 400,000 plans are scheduled to drop out in September based on the limits afforded by the CARES Act.