Mortgage applications

Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.

Affordability improved for a fourth straight month, but questions remain about whether recent trends will bring a significant number of buyers into the housing market.

Purchase activity trudged along during what lenders describe as a traditional end-of-summer slump.

While the lock-in effect on existing supply has helped drive consumer interest in new construction, first-time buyers have been taking a greater share of that inventory.

Steady purchase demand still led to a positive August according to the Mortgage Bankers Association.

Purchases managed a small rise, but refinance activity held steady, according to the Mortgage Bankers Association.

Declining refinance activity offset the growth in government-backed purchases, the Mortgage Bankers Association said.

Homeowners responded to moderating interest rates and brought in significantly more refinance volume, with Department of Veterans Affairs numbers more than doubling from the prior week.

Companies are seeing evidence of income falsification, which previous research shows is the most common type of fraud or defect risk.

Loan volumes fell for the third straight week, with depressed demand for government lending driving activity downward, the Mortgage Bankers Association said.