A congressionally mandated update to the Internal Revenue Service’s Income Verification Express System is causing some alarm among mortgage trade representatives. The update was meant to save time by moving the system from a fax-based process to a real-time, digital one.
Rate locks declined in December and loan applications fell to levels last seen in 1996. Interest rates are to blame. Economists offer some glimmers of hope for the second half of the year.
Rising interest rates took a bigger bite out of private MI activity than FHA business in the fourth quarter of 2022. On an annual basis, primary MI activity fell, based on agency MBS issuance, though issuance volume involving loans without MI was off by even more. (Includes two data charts.)
The share of homebuyers using all cash to purchase homes rather than a mortgage is increasing. Some affluent homebuyers are avoiding purchase mortgages due to high interest rates.
The New York Department of Financial Services proposed guidance for nonbanks and state-regulated banks outlining standards for managing material climate-related financial risks. Organizations’ efforts should be proportionate to their exposure and shouldn’t interfere with fair lending obligations.
FTC proposes banning noncompete clauses across wide swath of industries; Rocket unveils special purpose credit program; Guild joins other lenders in offering temporary buydowns.
Banks and thrifts reported significant declines in loan origination volume and loan sales during the third quarter. Even their loan pipelines contracted drastically. (Includes two data charts.)
Wells Fargo and PNC Bank posted sharp declines in repurchases from the second quarter, though their year-to-date volumes were up from the first nine months of 2021. (Includes data chart.)
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