Valon Technologies raised $150 million and is hiring.

“The rating downgrades reflect Wells Fargo’s continued reduction of its servicing portfolio and strategic shift toward government-sponsored enterprise and owned prime portfolios,” Fitch said.

The average interest rate on a 30-year fixed-rate mortgage hit 7.28% Thursday, according to Freddie Mac.

Matt Jones, the Trump administration’s nominee for commissioner of FHA, plans to continue to work to reduce mortgage costs and housing costs if confirmed for the position.

FICO launched a direct license program a year ago but adoption has been hindered by lack of approval from FHFA for use by the government-sponsored enterprises.

The average contract rate for a 30-year fixed-rate conforming mortgage jumped by 18 basis points in a week, to 7.30% as of Sept, 25, according to the Mortgage Bankers Association.

The GSEs’ share of servicing topped out at 50.4% in March 2022 and has declined each quarter since then, through June 2026.

Some 82% of recent homebuyers said they would be swayed to work with a lender that offered the opportunity to close a mortgage virtually.

A stronger than anticipated report on manufacturing Wednesday convinced a growing share of players in the financial markets that the Federal Reserve will have to hike the federal funds rate again in the coming months.

Servicing profits dropped even more than production income on a percentage basis.