Mortgage credit availability inched upward in August, continuing in a direction that indicates some stabilization in the mortgage market, according to the Mortgage Bankers Association. The MBA’s Mortgage Credit Availability Index increased 0.1% to 104 last month. The report follows July’s marginal rise of 0.2% and marks two consecutive months of gains after a 1.3% […]
ARMs drive slight boost in credit availability Read More »
Figure Technology Solutions started trading as a public company and the first moves were substantially higher, according to information on Yahoo Finance. The company priced its offering at $25 per share on Wednesday evening. Early trades, starting around 12:30, put the stock in a range between $32 and $37 per share, with an opening price
Figure Technology goes public, opens at $36 per share Read More »
Mortgage rates fell by a whopping 15 basis points this week, to their lowest point in almost a year, as Fed watchers are now certain a short-term rate cut is in the offing, Freddie Mac reported. The 30-year fixed rate mortgage was at 6.35% on Sept. 11, down from 6.5% one week ago, the Freddie
Mortgage rates drop further as the odds of a Fed cut rises Read More »
Figure Technology Solutions priced its initial public offering Wednesday evening at $25 per share. This is $3 per share higher than the last expected price range of between $20 and $22. The first trade is expected to take place on Nasdaq on Thursday between late morning and early afternoon under the FIGR ticker symbol. While
Figure prices IPO above expected range Read More »
Tenant interest in rent reporting has grown since the Federal Housing Finance Agency reaffirmed plans to include those payments in mortgage credit decisions. Instances of self-reported rent are up so far in 2025, at 13% compared to 11% in 2024, according to credit bureau TransUnion. That could help increase the use of a credit score
Tenant self-reporting grows as GSEs add rent-based score Read More »
Evidence of homeowners’ desire to refinance at the first signs of falling mortgage rates appeared in August’s data as rate-and-term transactions hit a 2025 high. Rate-and-term locks accelerated 69.8% from the prior month, according to Optimal Blue’s Market Advantage report. Compared to August 2024, though, volumes finished 8.7% lower. Cash-out refinances also saw a monthly
Rate-and-term refi activity hits 2025 high mark Read More »
Fairway Home Mortgage is working with OpenAI to help improve the efficiency in its loan manufacturing processes. While the use of ChatGPT is just part of that strategy, process improvement to allow loan officers to focus more on their customers is the primary aim, said Caleb Ondrusek, who Fairway promoted to executive vice president of
Fairway turns to OpenAI for origination process improvement Read More »
Recent mortgage fraud discussions have been centered on high-profile occupancy misrepresentation cases, but the bigger question is how these claims can be proven and what level of risk they pose to the industry. For one, the allegations to date, such as a Trump administration criminal referral that a Federal Reserve Board member is fighting, typically
Occupancy fraud scrutiny raises questions for lenders Read More »
US mortgage rates declined last week to an almost one-year low, sparking a surge in refinancing activity and encouraging prospective buyers to step off the sidelines. The contract rate on a 30-year mortgage fell 15 basis points to 6.49% in the week ended Sept. 5, according to Mortgage Bankers Association data released Wednesday. Rates on
US mortgage rates at 11-month low rekindle home finance activity Read More »
Congress faces tough budget negotiations this month over the National Flood Insurance Program reauthorization and other issues, putting the single-family mortgage market on alert. Without a NFIP renewal by Sept. 30, flood coverage could lapse and a broader congressional impasse could cause a new government shutdown, requiring workarounds. What follows are a few of the
How lenders can prep for NFIP lapse, shutdown Read More »