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.

Compounding factors of low inventory and high costs also helped lead to another decline in Fannie Mae’s Home Purchase Sentiment Index.

An uptick in pandemic-related payment suspensions reflecting new or restarted plan activity previously occurred as the omicron variant spread, but activity has since subsided.

The moves, which are part of a multiyear strategy, are meant to focus resources in areas where the Spanish banking giant can earn solid returns.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.

Three housing finance organizations asked for an interactive process similar to that used previously for originations and said they preferred less reliance on life-of-loan indemnification as a remedy.

And a recent slowdown in government-backed loan issuance is pushing average purchase amounts to another record high.

An increase in the number of completed homes over the last two months and prospects of higher interest rates this year as the Federal Reserve tightens monetary policy may have encouraged a pickup in contract signings.

A measure of home prices in 20 U.S. cities jumped 18.3%, down from 18.5% in October, the S&P CoreLogic Case-Shiller index showed Tuesday. It marked the fourth straight month that home-price appreciation has cooled off ever so slightly.

The debt facility from Barings is likely the largest to a Black-owned investor in the market.

The change aims to streamline the processing of certain pandemic-related loan options that accommodate lower monthly payment amounts for borrowers with long-term economic hardships.