President Donald Trump suggested he would fire Scott Bessent if the Treasury secretary doesn’t help secure lower interest rates, expressing ongoing frustration with the Federal Reserve’s reluctance to cut rates more quickly. Trump’s remarks — made in a joking tone — come amid increased pressure on the administration from voters to lower the cost of […]
Trump quips he’ll fire Bessent if interest rates not lowered Read More »
Rocket Mortgage has come out with a debt service coverage ratio product in both its wholesale and retail channels, joining a rather competitive landscape of both non-qualified mortgage specialists and more traditional lenders like its rival United Wholesale Mortgage, that already serve investors looking to finance rental properties. Another recent entrant with a suite of
Rocket latest lender to add debt service coverage mortgages Read More »
Consecutive weeks of mortgage rate increases suppressed refinance activity, causing a notable fall in mortgage applications, the Mortgage Bankers Association found. The MBA’s Market Composite Index, a measure of mortgage loan application volume, decreased 5.2% on a seasonally-adjusted basis from one week prior for the week ending Nov. 14. On an unadjusted basis, the Index
Mortgage activity falls as rates tick up again Read More »
Fraud and forgery attempts that appear in refinance transactions are turning out to be a rising risk factor leading to claims that end up costing title insurers hundreds of thousands of dollars. Claims resulting from fraud or forgery now average $206,976, according to research conducted by the American Land Title Association and consulting and actuarial
Forgery, fraud make up 40% of title insurance losses Read More »
Independent mortgage bankers reported a second consecutive quarter of profits on their loan production, helped by the September rate drop and surge in application volume, the Mortgage Bankers Association said. Between originations and servicing income, roughly 85% of the 325 companies which participated in the Quarterly Mortgage Bankers Performance Report were profitable. “After a series
Loan profits improve for IMBs in 3Q Read More »
Two heavyweights in the US residential real estate market, Compass Inc. and Zillow Inc., will face off in a New York courtroom this week in a legal battle that could reshape the future of how homes are marketed and sold in the country. Compass, the largest residential brokerage, sued Zillow in June claiming the real estate site
Compass and Zillow take private-listing feud to New York courtroom Read More »
Home Depot Inc. cut its full-year earnings guidance, warning that some unsteady consumers are hitting the pause button on big-ticket home purchases. The world’s largest home-improvement retailer said it expects adjusted earnings per share to decline 5% from a year ago, lower than its previous forecast. The company said its profit and comparable sales came
Home Depot cuts forecast on weak demand for big-ticket items Read More »
Fraud and misrepresentation remain persistent challenges in the mortgage industry and Freddie Mac is responding by bringing Quality Control Advisor Plus to the market, a tool which automates this compliance function. The tool is currently in a phased onboarding process with plans to make it available to all lenders by year-end, including the participants in
Freddie Mac adds mortgage quality control automation tool Read More »
New-home mortgage applications fell again in October, but the seasonally adjusted annual sales pace climbed to its highest level this year, according to the Mortgage Bankers Association. New-home purchases fell 2.6% year over year and 1% month over month in October, according to the Mortgage Bankers Association’s Builder Application Survey. The MBA also estimated that
New-home sales pace hits 2025 high despite dip in apps Read More »
The U.S. residential housing economy growth will have slowed by 1.1% this year, from 2% in 2024, a result of cost pressures derived from higher tariffs on builder supplies like lumber, labor issues and weaker consumer and homebuilder sentiment about the sector, Fitch Ratings said. Over the next two years, it expects restrained growth rates
Fitch flags cooling housing market through 2027 Read More »