New York Times, Nov. 3, 2022–Ronda KaysenThe new findings add weight to a hard truth that many young families have experienced as they struggle to save money to buy a …
Category: Top National News
Rocket Profits, Loan Volume Plunge from Year Ago as Mortgage Market Contracts
Detroit News, Nov. 3, 2022–Jordyn GrzelewskiCiting data from the Mortgage Bankers Association, Rocket CEO Jay Farner said that mortgage applications are at their lowest levels since the mid-1990s — and …
Ocwen Grew Profit But Doesn’t Want to Rely Solely on MSR Gains
National Mortgage News, Nov. 3, 2022–Bonnie Sinnock (subscription)Under generally accepted accounting principles, Ocwen reported $37 million in net income, up from $10 million in the second quarter and $22 million …
Retirement Giant TIAA to Exit Banking
American Banker, Nov. 3, 2022–Jim Dobbs (subscription)TIAA in New York is selling its bank unit to a group of investors as part of a broader strategic plan under new leadership …
US Homeowners Have a Fat Equity Cushion for Real-Estate Downturn
Bloomberg, Nov. 3, 2022–Alexandre TanziUS homeowners continued to build their equity positions last quarter even as the housing market cooled, and they have ample buffers to shield against a deeper …
Zillow 3rd Quarter Earnings A Mixed Bag
National Mortgage Professional, Nov. 3, 2022–Steve GoodeSeattle-based Zillow Group’s third-quarter earnings report beat market expectations Wednesday, but the online real estate data company also cautioned that it — and the …
Mortgage Rates Too High? (Blame the Fed, Wall Street and Your Neighbor)
New York Times, Nov. 3, 2022–Joe Rennison, Tara Siegel BernardAnalysts say the average rate on a 30-year fixed mortgage, which crossed the 7 percent threshold recently, could be as much …
Housing Market Will Lead Us Into a Recession, and Will Lead Us Out: MBA Forecast
Fox Business, Nov. 3, 2022–Kelsey RamirezThe housing market, which has slowed significantly from last year as mortgage rates continue to edge higher, could be what pulls the U.S. into a …
The Great Mortgage Bank Consolidation Wave is Underway
HousingWire, Nov. 3, 2022–Bill ConroyUp to 30% of the 1,000 largest independent mortgage banks are projected to disappear by the end of 2023 via sales, mergers or failures in the …
Mortgage Rates Dip Below 7%, Refinances in Slight Uptick, Industry Reaction to the Fed’s Latest Rate Hike
ValueWalk, Nov. 3, 2022–Phil HallFreddie Mac reported the 30-year fixed-rate mortgage averaged 6.95% as of Nov. 3, down from last week when it averaged 7.08%. The 15-year fixed-rate mortgage averaged …