Rate locks decline; MISMO launches latest reference model; CFPB warns on the use of chatbots; Chase to pay mortgage seekers to shop with the bank; mortgage market losing share to cash buyers; data breaches lead to increase in denial of mortgage credit.
FHFA proposed adjusting the capital framework that applies to the GSEs to incorporate planned changes in the usage of credit scores. Lenders want more data before any changes are implemented.
Issues at regional banks will likely slow the economy and have impacts on mortgage lending through the year, according to economists at the MBA. Still, GSE economists suggest that originations could pick up soon.
As interest rates rise, homeowners are staying out of the real estate market because they don’t want to let go of the record-low mortgage rates they were able to obtain over the last two years.
There were roughly half a million fewer new listings in the first four months of this year than in the first four months of 2019, a year before the pandemic.
Denial rates on applications for purchase mortgages in the conventional-conforming market held steady in 2022, while refi rejections jumped as interest rates increased during the year, according to HMDA data. (Includes data chart.)
Interplay between debt ceiling and mortgage interest rates; mortgage employment declines; rate locks down; Rithm considers spin-off; Planet Financial looking for lenders; new LO recruiting software; Blend’s market share grows; Black Knight’s margins; new appraisal marketplace; MISMO requests for comment.
Private mortgage insurers gained market share in the agency purchase market during the first quarter, even as securitization of insured mortgages declined. (Includes two data charts.)
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