Originations

Rocket Mortgage entered into an agreement with the Department of Housing and Urban Development and will pay the consumers $65,000 to resolve the matter.

The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.

Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.

The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.

Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.

Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.

A new Federal Reserve analysis finds rising debt-to-income and loan-to-value ratios over the past two years, while credit scores largely remained the same.

Mortgage rates rose this week as investors priced stronger than expected inflation and jobs affecting Fed moves into the 10-year Treasury.

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.

The average 30-year fixed mortgage rate for conforming loans fell, according to Freddie Mac, even as the 10-year Treasury yield rose nearly 18 basis points from the start of this week.

The community development financial institution was the nation's top non-qualified mortgage lender last year, according to one ranking.