Beeline Holdings Inc. has signed a letter of intent to acquire the remaining stake in MagicBlocks, an AI-focused real estate technology firm that powers the lender’s chatbot and digital infrastructure. The deal is non-binding at this point, meaning either party can still walk away before signing a definitive agreement, the companies announced Thursday. Beeline currently […]
Beeline seeks to buy remaining MagicBlocks stake Read More »
Russell Vought, acting director of the Consumer Financial Protection Bureau.Bloomberg News Processing Content Key insight: The new CFPB rule protects lenders from being penalized for unintentional discrimination, including in cases involving automated algorithms and credit models. What’s at stake: The new rule narrows the legal definition of “discouragement,” making it easier for banks to avoid
CFPB sued over new rule that would weaken fair-lending laws Read More »
Sales of new US homes declined in April by more than forecast as builder incentives failed to motivate potential buyers at the start of the spring selling season. Processing Content Purchases of new single-family homes decreased 6.2% from March to a 622,000 annualized pace, according to government data released Thursday. Economists expected a 660,000 rate,
New-home sales declined by more than forecast in April Read More »
Applications for US unemployment benefits rose slightly, while remaining at a level consistent with a stable labor market. Processing Content Initial claims increased by 5,000 to 215,000 in the week ended May 23, the highest since mid-April, according to Labor Department data released Thursday. Continuing claims, a proxy for the number of people receiving benefits,
Jobless claims edge up to 215,000, highest in over a month Read More »
3D home development received a stamp of approval this week within the mortgage industry thanks to a new lending agreement between Wells Fargo Bank and technology construction firm Icon. Processing Content The two companies announced a deal that makes the San Francisco-based banking giant the preferred lender for new 3D-printed residential properties built by Icon.
Wells Fargo set to originate mortgages for 3D-printed homes Read More »
Early in the trading session, the bond market began improving in response to more updates on a potential Iran peace deal. When bonds improve, rates fall, but the initial reaction proved short-lived. Thankfully, the reversal didn’t do any new damage. This allowed the average lender to keep rates right in line with yesterday’s 6.61% for
Mortgage Rates Hold Lowest Level in Nearly 2 Weeks Read More »
A lift in cure rates for distressed mortgages showed staying power in April with the monthly number significantly higher than earlier in the year, according to Intercontinental Exchange. Processing Content The consistent monthly rate of more than 62,000 far outpaces an average around 42,000 between November and February, ICE found in its First Look report.
Lift in mortgage cure rates may bode well for FHA recovery Read More »
Key insight: Another key policymaker has made the case that inflation has emerged as the central bank’s primary concern as the war in Iran continues to drive up prices. Expert quote: “After five years of above-target inflation, I am particularly attuned to the risk that elevated inflation will become embedded in price- and wage-setting behavior.
Fed’s Cook ‘prepared to raise rates’ if inflation persists Read More »
All-cash home purchases dropped to its lowest March level in six years, as mortgage rates are down, comparatively, and buyers hold negotiating power. Processing Content Just less than 29% of homebuyers in the United States paid in all cash in March, a full percentage point drop from 29.8% a year earlier and tied with 2021
All-cash home sales drop to lowest share in 6 years Read More »
Property taxes have surged 30% since 2019, and homeowners shouldn’t expect relief anytime soon, according to a new LendingTree study that found a 5.1% increase across every major U.S. metro area between 2023 and 2024. Processing Content In 2024, the median property tax burden was $3,119 for all homeowners. But for those paying a mortgage,
Property taxes up 30% since pandemic, with no relief in sight Read More »