NYCB took an unexpected loss in the fourth quarter tied to commercial loans and its multifamily business. The bank was then downgraded by Moody’s.

UWM has sued Atlantic Trust Mortgage for allegedly breaking a contract term that barred it from originating loans with Rocket Mortgage.

The MBA is taking its concerns about rising costs associated with obtaining credit scores to the FHFA, CFPB and FTC. A CFPB official said the regulator is willing to consider looking into the issue.

Five Democrats in the Senate wrote to the Fed this week pushing for a reduction in interest rates. The senators made their case by citing high costs for mortgages and a limited supply of homes for sale.

Fannie Mae issued a report on quality control issues for loans reviewed in 2023, noting instances where lenders lost rep-and-warrant relief.

Very few lenders managed to increase loan production in the fourth quarter, while quite a few saw declines of 20% or more. First-lien mortgage originations in 2023 marked the lowest annual output since 2014. (Includes two data tables.)

Freddie Mac’s pilot program could dramatically reduce the frustrations lenders face due to repurchase requests for performing loans. For now, the initiative covers 15 lenders.

Counterintuitively, the bi-merge will increase the number of credit pulls necessary to complete the average mortgage loan application. Consumers will ultimately pay for those extra pulls.

Over the years, warehouse finance has been a good business for Texas Capital, but the pain suffered by its nonbank clients over the past year has affected the bank as well. Relief could come when the Fed starts cutting rates.

The commission structure for real estate agents looks likely to change as the National Association of Realtors and brokerages face charges of price fixing. The move is unlikely to have a major impact on mortgage lenders.