Originations

Mortgage lenders offered more cash-out refinance programs at a time when consumers might be coming to terms with the rate environment.

In a study posted weeks after it raised concerns about "junk fees," the Consumer Financial Protection Bureau noted that the amount of borrowers paying discount points doubled from 2021 to 2023, with the increase larger among consumers with lower credit scores.

A hedge fund-backed newsroom accused the industry giant of overcharging borrowers by hundreds of millions of dollars through "corrupt UWM loyalist" brokers.

Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.

The Midwest was the main driver of the increase in pending sales, with a 10.6% jump, while contract signings in the South edged up 1.1%.

The 30-year fixed rate mortgage, the movements of which have been volatile in recent weeks, is expected to stay in the range of 6.5% for the first half of the year before trending down, Freddie Mac said.

Instability in mortgage rate movements should continue in the weeks ahead, even with Fed Chairman Jerome Powell's comments on inflation.

Rates won't fall far enough to drive meaningful mortgage volume gains this year, according to a Fitch Ratings analyst.

Fannie Mae's latest forecast now predicts rates to be half a percentage point higher, and volume to be $1.5 trillion lower than previously expected in 2024.

The increase in production revenues was canceled out by higher expenses, a sign that too much capacity remains in the system, the Mortgage Bankers Association said.