Mortgages

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

The New Jersey-specific case could be a sign of how the combined effect of federal debt-collection rules and state regulations may further complicate a compliance-sensitive environment for the industry.

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.

Sales of previously owned homes unexpectedly increased to a one-year high as buyers rushed in ahead of a surge in mortgage rates, further depleting tight inventories to a record low.

The portfolio is one of several particularly large, recent deals related to the cash-flows from mortgage payments, but it has an unusual composition.

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.

Democrats cited the increasing share of home purchases by Wall Street firms while Republicans pointed to rising conforming loan limits and other measures by Fannie Mae and Freddie Mac during the Senate Banking, Housing and Urban Affairs committee hearing.

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.