Inflationary pressures and limited housing supply are making it difficult for millennial and Gen Z renters to afford first-time homeownership.

Home prices depreciated in July; foreclosure starts near pre-pandemic levels in August; mortgage rate locks continued downward trend in August; applications for mortgages on second homes fall to pre-pandemic levels; Experian allowing renters to boost their credit scores.

Many publicly traded mortgage companies remained profitable in the second quarter, though earnings were down sharply. (Includes data chart.)

Rising interest rates increased the fair value of banks’ MSRs in the second quarter but servicing for others was essentially flat. (Includes data chart.)

The Southfield, MI-based bank expects fixed-cost savings of roughly $3 million a year from using MortgagePath for originations and the vendor will be responsible for compliance issues.

Institutional investors have driven down the debt prices for several publicly traded nonbanks this year. But some are better off than others.

Before the pandemic, lenders sold their MSR 80% of the time but after COVID, they retained 70% of their MSRs. Now, the split is 55/45.

Many student loan borrowers are set to receive significant debt forgiveness. Though millennials often cite student loan debt as an obstacle to homeownership, industry analysts believe it will take time for the relief program to impact home sales.

Builder sentiment has declined for eight consecutive months, and it’s all related to housing affordability, said Robert Dietz, chief economist at the National Association of Home Builders.

Reali to close and hopes to sell its mortgage origination business; Sun West Mortgage launches cash-offer product with NFT component; delinquencies increase in July; Blend offers home-equity lending product; Fitch confident home prices won’t crash like in 2008; Staircase offers new origination tech.