Originations

The Mortgage Bankers Association now predicts slightly more purchases even with higher rates, but the Ukraine situation could change that.

Strong economic data was countered by international political developments, sending the 30-year rate lower for the first time in a month.

Overall application activity was down by more than 40% compared with one year ago, the Mortgage Bankers Association found.

The complaint seeks unspecified damages over the bank’s mortgage origination and underwriting practices, alleging minority homebuyers were excluded from affordable, low-risk loans.

Danny Yen, owner of Real Estate Educational Services, received a permanent ban on conducting future related training and agreed to testify in any legal proceedings against originators he assisted.

Inflation data showing a 7.5% increase in consumer prices will likely lead to Federal Reserve moves that apply continued upward pressure.

Steadily climbing rates have contributed to a 40% decline in loan activity from one year ago.

Compounding factors of low inventory and high costs also helped lead to another decline in Fannie Mae’s Home Purchase Sentiment Index.

And a recent slowdown in government-backed loan issuance is pushing average purchase amounts to another record high.

An increase in the number of completed homes over the last two months and prospects of higher interest rates this year as the Federal Reserve tightens monetary policy may have encouraged a pickup in contract signings.