Mortgages

Volumes fell 18% compared to the previous week, while refinance activity also pulled back.

Interest rate increases and economic concerns led the government entity to lower the required amount from $1 million to $250,000.

The 51 basis point increase was inevitable after the late payment rate reached a record low in the third quarter, the Mortgage Bankers Association said.

Borrowers that are couples, and where the female is younger, account for 32.55% of the pool's aggregate unpaid principal balance, the plurality.

New starts surged 75% compared to a year ago, but repossessions saw their first decline in one-and-a-half years, according to Attom.

Weaker economic conditions, rising interest rates and expected changes in investment returns drove the reduced expectations, the Mortgage Bankers Association said.

But with rates turning back up this past week, activity could fall in February, Black Knight Optimal Blue said.

While reverse mortgages allow older homeowners the opportunity to draw on home equity with minimal risk, problems arising from flaws in program structure are causing headaches for borrowers and issuers alike, according to recent reports.

The company's mortgage operations posted a $24 million pretax profit thanks to servicing, while loan production saw a loss.

Townstone Financial in Chicago had been accused of discriminating against certain consumers by trying to discourage them from applying for home loans. However, a judge ruled that federal law protects only actual applicants.