Originations

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.

While some said the agency was ignorant of its own rules, one trade group praised the goals of the posting.

Regulatory reform – rather than Biden's proposed solutions – is needed to fix the inventory crisis, some say, but others applauded the president's buyer cost-cutting initiatives.

February was the second consecutive month where lenders eased underwriting, although overall availability remains near record low levels, the Mortgage Bankers Association.

The latest inflation news has created concern that the Federal Reserve's pivot on short-term rates could be delayed.

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

While mortgage volume should rise this year, the government-sponsored enterprise expects slightly less activity than it did back in January.

The 30-year average rate got closer to 7% as central bank officials dashed near-term hopes of a cut, according to Freddie Mac.

Mortgage application activity had its largest decline in a year, according to the Mortgage Bankers Association.

For the first time since mid-December, the Freddie Mac survey reports mortgage rates over 6.7%.

The company was able release credit reserves because of actual and forecasted prices that boosted net income, CEO Priscilla Almodovar said.