Concerns over channel conflict in mortgage lending — particularly between wholesale and retail operations — are resurfacing as brokers reclaim a growing share of originations. Tension can arise when wholesale lenders also operate retail arms, potentially putting them in direct competition with the very brokers bringing them business. This strain has led companies like United […]
Mortgage broker-retail friction returns to spotlight Read More »
Enjoy complimentary access to top ideas and insights — selected by our editors. Condominiums have historically been our most affordable site-built homeownership option. However, escalating insurance costs, concerns about the structural integrity of condos, and more stringent underwriting requirements threaten to undermine the advantages of this critical home purchase option. Is there a way forward that
Condo rules need reform to keep homes affordable Read More »
The potential for mortgage lending fraud accelerated over the past year, with risk related to undisclosed transaction details driving much of the surge, according to Cotality. In its latest report, the real estate data platform found fraud risk was up 7.3% year over year in the first quarter. Risk lessened over time, though, coming in
Mortgage fraud risk jumps 7.3% in one year Read More »
It’s a buyer’s market, but homeowners are still recouping all-time high sales prices. Sellers are netting an average sales price of $400,266 over the four weeks ending June 22, according to Redfin. That figure is up 1.6% from the same time last year, in a housing market currently beset by near 7% mortgage rates and
Sellers net all-time high sales prices to close spring Read More »
Investor reaction to events of the past eight days has contributed to mortgage rates moving below 6.8% for the first time since the start of May, Freddie Mac said. The 30-year fixed-rate mortgage was at 6.77% as of June 26, compared with 6.81% eight days prior and 6.86% for the same week in 2024, the
Mortgage rates slide after FOMC meeting, Iran attack Read More »
Mortgage rates rose slightly last week, but refinancing demand continued to drive a modest uptick in overall applications, according to the Mortgage Bankers Association. The average rate for a 30-year fixed-rate mortgage ticked up 4 basis points last week to 6.88%, the MBA said. This was a bounce back from the week before when the
Uptick in refinancing leads to higher mortgage applications Read More »
Kevin Wall, co-president of First American Title Insurance Co., has abruptly exited his role from the largest individual underwriter in the nation, the company confirmed. His departure was first reported by Inside Mortgage Finance. Wall also headed up the company’s Agent/Lender Group, which consists of the Agency, Mortgage Solutions, Docutech, First American India, Servicemac and
First American Title co-president abruptly departs Read More »
US purchases of new homes fell in May by the most in almost three years as rampant sales incentives fell short of alleviating affordability constraints. Sales of new single-family homes decreased 13.7% to a 623,000 annualized rate last month, a seven-month low, according to government data released Wednesday. That was below all estimates in a
New-home sales drop by most since 2022 on poor affordability Read More »
Rocket Mortgage unveiled a new equity-backed financing product aimed at giving homebuyers an advantage when vying for homes in competitive markets. The Detroit-based lender’s new bridge loan offers prospective buyers the opportunity to draw into their accrued equity to put down an offer on a new purchase while still living in their existing property. Borrowers
Rocket introduces buy-before-you-sell bridge financing Read More »
FICO has updated its latest credit score models to include buy now, pay later data, showing how important this pandemic-era tool has become in the overall consumer debt market. The credit score algorithm provider has introduced the capabilities in FICO Score 10 BNPL and FICO Score 10T BNPL. “Our clients tell us that FICO’s initiative
FICO adds BNPL data to credit-scoring models Read More »