Economists pick through the mortgage data to try to understand when things will get better for the industry.

A few years back, Better looked like a sure thing: It boasted state-of-the art origination technology. Today, the nonbank is bleeding red ink and dependent on a convertible note held by a Japanese multinational.

Investors are seeing value in the unsecured notes of certain large nonbanks, increasing the ability of these shops to sell new debt. Not all lenders are responding, but new deals could be in the works as long as MSR keep rising in value.

The Mortgage Bankers Association said a constitutional loss would have invalidated the bureau’s previous rules and caused severe consequences for single-family and multifamily mortgage markets.

The 7-2 court opinion, delivered by Justice Clarence Thomas, affirmed the constitutionality of the CFPB’s funding structure. The court dismissed arguments that the funding mechanism lacks a time limit and a spending cap.

The Supreme Court ruling in favor of the CFPB means lawsuits against the bureau will now focus on specific issues. It also paves the way for implementation of various pending rules.

According to a new analysis of HMDA data, refi denial rates spiked in 2023 while denials on purchase mortgages held steady. (Includes data table.)

Judge Donald Middlebrooks dismissed all four of the lender’s arguments against a 2023 CFPB lawsuit, moving the trial forward to July.

The preliminary injunction came after a challenge by the U.S. Chamber of Commerce, the American Bankers Association and other trade groups. The ruling could spell trouble for the Biden administration’s fight against so-called “junk fees” in the financial services industry.

Rocket and the loan originator denied all housing discrimination allegations but entered into the agreement with HUD to obtain closure.