Yesterday, we characterized the prevailing mortgage rate momentum as “broadly sideways,” and while that’s still very true in the bigger picture, words like “up” and “higher” might need to be sprinkled in this week. For those with a glass-half-empty approach, today’s rates are the highest of the week and the highest since June 24th. For […]
Highest Mortgage Rates of The Week, Just Barely Read More »
In this week’s banking news roundup: Dr. Mark Calabria takes on additional role as U.S. chief statistician; retired Ally Bank executive Diane Morais joins First Citizens Bancshares’ board of directors; MainStreet Bank promotes Alex Vari to chief financial officer; and more.
Calabria’s added role in Trump admin, Morais joins First Citizens Read More »
A jump in refinance activity lifted mortgage lock volumes last month, but purchase numbers may hold more promise for lenders. Total lock volume in June came in 2.11% higher month over month, according to the latest data from Mortgage Capital Trading. Rate-and-term refinance activity provided much of the momentum with a leap of 9.89%, as
Surging rate-and-terms push lock volumes upward Read More »
Despite speculation following the Federal Open Market Committee’s June meeting that a rate cut could come as early as this month, most economists still expect the central bank to hold off until September or later. Only one respondent in Wolters Kluwer’s Blue Chip Economic Indicators survey, conducted July 7 and 8, after the stronger-than-expected June
No Fed cut in July, nearly all economists surveyed say Read More »
Home prices continued to rise in June even as softer demand dampened sales and kept homes on the market for longer. The median home sales price hit $399,633 for the four weeks ending July 6, according to Redfin, setting a new record. The prices are up 1% from the same time last year. But signs
Home prices hit new high as pending sales slip Read More »
Foundation Finance Trust 2025-2 (FFIN 2025-2) has issued five classes of notes totaling $329.23 million, collateralized by $332.55 million receivables. The RMBS notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company’s network of 13,240 dealers located in most of the 50 states. The dealers provide point-of-sale financing for
Foundation Finance Trust raises $329 million in RMBS Read More »
The Department of Housing and Urban Development has “effectively disband[ed]” the Biden-era interagency Property Appraisal and Valuation Equity initiative, the federal housing agency announced late Thursday. The department withdrew three mortgagee letters related to appraisal reviews, including the reconsideration of value process, it noted in its press release. These recessions were previously highlighted in an
HUD dissolves “woke” policies created by appraisal task force Read More »
Bilt Rewards, the platform best known for doling out rewards points for rent payments, more than tripled its valuation to $10.8 billion in a fresh funding round as it seeks to do the same for mortgages. The firm is also ending its relationship with Wells Fargo & Co., according to a letter to customers that
UWM backs Bilt as rent rewards expand to mortgages Read More »
The Mortgage Industry Standards Maintenance Organization has added over 40 standardized fee names to a dictionary it created and is seeking public comment on the revisions. The 30-day public comment period on those updates runs through Aug. 7. “MISMO developed this guide to promote the uniform usage of fee names and descriptions for the purpose
MISMO adds 40 definitions of fee charges to reference guide Read More »
Synergy One Lending’s CEO Steve Majerus is taking a stand against “toxic” recruiting culture. In a company-wide address, Majerus bemoaned “unscrupulous” recruiters who have recently conjured up “outrageous” claims in an effort to recruit away Synergy’s top talent. “The claims about financial instability or margin calls and challenges… are not only false and completely fabricated,”
“Unscrupulous” recruiters called out by Synergy One CEO Read More »