Originations

While expectations that another federal rate cut is on the way next week, other economic trends may be having a larger influence on mortgage lending.

The NRMLA/Riskspan Reverse Mortgage Market Index set a new high of 502.42, with the dollar amount of home equity for those 62 or over reaching $14.4 trillion.

The lender, which reported over $200 million in home equity line of credit volume in the recent quarter, suggests the business can deliver massive scale.

Other studies have found fewer credit pulls could be viable, but this shows millions more would be adversely impacted than in a bi-merge.

Equifax will hold costs for scores from FICO rival Vantagescore through 2027 and offer other incentives meant to drive adoption of the alternative metric.

While new jobs data contributed to falling Treasury yields, mortgage rates showed a mixed picture with some trackers moving in opposite directions.

The credit scoring agency's rollout comes after years of criticism from home lenders over its prices, with delivery costs rising over 40% in the past year.

Mortgage applications increased 0.6% last week after jumping 29.7% the week prior, according to the Mortgage Bankers Association.

The average return on investment for flipped homes was 25.1% in the second quarter this year, the lowest point since the second quarter of 2008.

Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.