Mortgages

In the face of a growing number in home-equity products, HECM endorsements dropped nationwide by over 43% on a monthly basis to its lowest point in more than two years.

The company said it will prepay two securitization facilities and terminate financial arrangements including at least two involving U.S. Bank.

Wind and storm surge damage to residential and commercial properties could reach $47 billion, according to a CoreLogic analysis.

The Federal Housing Finance Agency got an earful from housing experts at a listening session intended to aid a comprehensive review of the financing system.

Three percent of all mortgages were 30 or more days past due on their scheduled payment or in foreclosure in July.

While the agency affirmed the bank's current high ratings, it also cited instances of noncompliance, which led to the downgrade.

The month ended with 54,000 less properties for which the borrower was at least 30 days or more late on their payments, Black Knight said.

On the other hand, the economists from the UCLA Anderson Forecast claim the U.S. is not currently in a recession and that the chance of a recession in the next 12 months is less than 50%.

This year's rapid rise in mortgage rates is cooling the U.S. housing market, leading to sales declines and pressure on home prices. Other measures put the figures above 6%.

The Cincinnati bank's new division will lend to nonbanks that make or bundle together residential mortgage loans, whose businesses have slowed as higher interest rates lower appetite for refinancing. The warehouse sector has seen "fierce competition" among banks lately, one analyst wrote.