Originations

Error findings related to income and employment reached a high point since Aces Quality Management started its report in 2016.

Activity is down 20% from one year ago, driven by a 65% falloff in rate and term refinancings, Black Knight said.

But rising rates and tightening affordability are slowing appreciation rates, Black Knight found in its latest Mortgage Monitor report.

Besides making the deduction permanent, the bill doubles the income threshold for those eligible to claim it.

Though unlikely to derail a hot housing market, another surge in COVID-19 cases could cloud the outlook for economic growth, analysts said.

But in November, home buyer demand reached its highest level since RedFin began compiling the data in 2017.

However, capacity issues, the suspension of the government-sponsored enterprise purchase caps and higher conforming limits all could affect activity, KBRA said.

The Federal Housing Administration’s changes seek to bring guidelines for specialized Title I programs in line with current borrower and market needs.

However, it remains 30% tighter than pre-pandemic levels, according to the Mortgage Bankers Association.

Acting FHFA Director Sandra Thompson's decision to act immediately rather than taking the time to examine the impact likely harmed private-label securitizations in the short term, but issuance is still on course for a record year.

Rising debt-to-income ratios were behind almost a third of refinance rejections among those 65 and older, according to an analysis from the Urban Institute.

Button Finance intends to use the capital to develop its underwriting platform and increase hiring.

Changes in the Fed, including the replacement of Jay Powell as chairman, might shift the board back to a dovish economic position.

Increased purchase activity countered a slowdown in refinance applications, which were impacted by rising rates.

However, economic data points to likely future increases, with investors awaiting numbers from upcoming jobs report.

In its initial message to the new head of the Consumer Financial Protection Bureau, the Community Home Lenders Association reiterated its call to require depository loan officers to be licensed.

Both third-party lenders will purchase conforming loans with balances of $625,000 — 14% higher than the current limit — in anticipation of regulators' action.

While PLS loans still represent a sliver of the overall mortgage market and are nowhere near the $1 trillion level seen before the Great Recession, issuance jumped markedly this year.

Taper announcement, slowing COVID cases help remove downward pressure, leading to increases across all loan-term types.

The proposal calls for a 20-year mortgage with Ginnie Mae and Treasury participation, but critics suggest that other measures would be more effective in bridging the gap in home equity.