US mortgage applications to buy a home declined last week to the lowest level since late May as borrowing costs remained elevated. The Mortgage Bankers Association’s index of home-purchase applications slumped 11.8% in the week ended July 11, data from the group showed Wednesday. While that marked the biggest drop since 2022, it followed a […]
Home purchase applications fall after prior week’s surge Read More »
Ryan Alexander was on a cruise with his family when he received news he already felt in his bones was coming: the Department of Government Efficiency cut the project he was working on via his consultancy firm. He was officially out of a job. Though the news was jarring, Alexander’s family rallied around him—and encouraged
How a DOGE-cut employee became a full-time mortgage broker Read More »
Mortgage lenders tightened their offerings in June in what could be a sign of greater difficulty for borrowers looking to get into a new home. New data from the Mortgage Bankers Association showed less credit on offer in June, the first decrease since late 2024. The trade group’s Mortgage Credit Availability Index, which tracks loan
Delinquency risk leads to less credit for borrowers Read More »
Lower gain on sale margins at JPMorgan Chase could be a negative sign for independent mortgage banker results in the second quarter, a Keefe, Bruyette & Woods report said. The drop in margins at both Chase and Wells Fargo came even as origination volume rebounded at both banks. It was up 44% from the first
Chase’s lower 2Q margins a negative for IMB earnings Read More »
In June, home price growth cooled to its slowest pace in two years, with over a quarter of top U.S. markets posting annual price depreciation, according to the latest data from Intercontinental Exchange. The rate of annual growth decelerated to 1.3% across the country in June, falling from 1.6% a month earlier, ICE’s mortgage technology
Caution signs appear as home price depreciation spreads Read More »
Recent updates to secondary-market rules for interested party contributions and incentives mean lenders will have to pay more attention to how they use certain strategies that have become popular in the current market. The updates, which generally are in effect now and become mandatory in early September, add additional precision in some cases and more
Fannie, Freddie change rules for contributions, incentives 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 »
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 »
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 »