Among the top-five lenders in terms of applications received for conventional-conforming mortgages in 2024, Rocket Mortgage had the highest overall denial rate at 15.9%. JPMorgan Chase ranked second with a rejection rate of 12.0%. (Includes data table.)
The nonbanks took negative marks on their large holdings of mortgage servicing rights as hedges didn’t fully offset a decline in interest rates on mortgages during the first quarter.
Amerant Bank launched national mortgage operations in 2021. Now, the bank is reducing its footprint, focusing on lending in Florida where its bank branches are located.
Although more lenders than ever are turning to automation and artificial intelligence, most see costs as the biggest barrier to the adoption of digital services, according to a survey by Stratmor Group.
During summer months, when loan officers are more likely to be overworked, denial rates on refinance applications increase, a sign of credit rationing, according to CFPB researchers.
Waterstone Financial relents on defense against poaching allegations; Mr. Cooper takes loss on sale of Flagstar’s third-party originations unit; legal expenses rise at Mr. Cooper.
Demand from borrowers increases when mortgage rates fall below 6.5%, according to Owen Lee, CEO of Success Mortgage Partners. Due to policies from the Trump administration, it’s unclear whether rates will decline to that level in the near term.
Parallel bills were introduced this week in what policymakers and lenders hope will be a final bipartisan push to tighten restrictions on the abusive use of credit trigger leads.
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