Ongoing weakness in housing markets and the economy has now driven purchase activity to its lowest level since 2015, while overall application numbers decreased for the 10th time in 11 weeks.

In a letter to Federal Reserve Chair Jerome Powell, the chair of the Senate Banking Committee warned that the Fed was in danger of going too far in its efforts to tame inflation.

Reduced-rate loans, originated through third-party lenders, comprise a majority of the collateral in the transaction, at 58.3%.

Collins Community Credit Union in Cedar Rapids, Iowa, said Monday that it laid off 38 employees, primarily in its mortgage lending division. In September, GreenState Credit Union in North Liberty, Iowa, cut 42 employees, or about 5% of its workforce.

Some 59.5% of the pool comes from Marriott Vacation Club, up substantially from 45.0% in 2022-1. The loans have stronger performance track records than other brands, except for Westin.

That's left mortgage servicing rights investors with fewer concerns about runoff, but buyers have less in the way of recapture opportunities.

The addition of investment bank Capstone Partners and the wider geographic footprint that resulted from the acquisition of TCF Financial helped drive a 58% increase in net income during the third quarter.

Credit bureaus should know better than to include "impossible" data, such as someone defaulting on a loan before they were born, says Consumer Financial Protection Bureau Director Rohit Chopra.

Beginning in Q2, Theorem added credit factor adjustments largely in response to the cessation of COVID-19 stimulus and changes in macroeconomic conditions.

The Cleveland bank expects to lose about $25 million in fee income per quarter as a result of recent changes to its overdraft policies. CEO Chris Gorman said Key plans to compensate by expanding its customer base.

Revenue from operations and benefits from a perfected security interest in the securitized assets comprise the collateral assets.

In one potential credit positive for the notes, delinquency and loss rates in the underlying pool of loans have been strong in recent years.