Mortgages

Home price overvaluations over 10% are easing in some markets, analysts say, but RMBS investors are still cautiously tightening liquidity amid uncertainty.

The offering comes amid an ongoing wave of private and public MSR sales.

Brian O'Shaughnessey's latest venture, Imperial Bancorp, LLC, is set to secure licensing in the next four to six months, when he expects that "spreads and interest rates will tighten and loans will be worth more."

The Philadelphia-based company will eliminate an undisclosed number of jobs as part of a plan to refocus on core business lines and markets, CEO Thomas Geisel said.

Meanwhile, the average purchase loan amount surged to its highest level in 2023, showing signs of continued demand amid limited inventory.

All told, Icahn's fortune sank by an unprecedented 41% to $14.6 billion, according to the wealth index, dropping him from the world's 58th-richest person to the 119th.

Although the company reported a loss, executives expressed confidence in its funding and liquidity.

Housing costs increased at the slowest pace in over a decade nationwide, even while monthly growth now exceeds its pre-pandemic level.

Consumers are receiving demand letters on loans they have not had any communication about in at least 10 years, the regulator said.

Conventional and government-backed purchases both increased last week, even with a 12 basis point surge in the 30-year conforming average, the Mortgage Bankers Association said.

A couple small deals with some unusual regional concentration also are in the market and one broker says many billions of dollars more are in the pipeline.

Stronger than expected demand and home prices drove the latest forecast.

Economic turbulence affected borrowers during the quarter and will likely impact their ability to refinance maturing loans, the Mortgage Bankers Association said.

Fannie Mae researchers found housing costs decelerating for the fourth straight quarter, but limited inventory may be driving hopeful buyers to look for opportunities in the new-construction market.

Chase, Wells Fargo both reported increased gain on sale margins in the first quarter over the fourth, a potentially promising indicator for upcoming IMB earnings.

Mixed economic signals left mortgage rates flat over the past seven days, with experts suggesting the end of Federal Reserve policy hikes might be coming as well.

The American Bankers Association's latest Credit Conditions Index points to a drop in lending and a rise in loan delinquencies through the second and third quarters.

But overall availability still remained near a 10-year low in March, with government-backed products falling for the third time in four months, the Mortgage Bankers Association found.

Last month saw purchase rate locks increase by 44%, jumping past the 30% average in February, according to Black Knight's report.

Affordability constraints have made borrowers who bought properties within the last 12 months increasingly vulnerable to price declines.