“Recent data showing stickier-than-expected inflation, rising mortgage rates and continued home price appreciation appear to have given consumers pause regarding the market’s direction,” said Doug Duncan, a senior vice president and chief economist at Fannie Mae.
Philadelphia-based Republic Bank focused its mortgage production on jumbos with below-market rates. The bank also held agency MBS that lost value as interest rates increased.
PennyMac booked a weak increase in servicing income due to a large loss tied to hedges for MSRs; First American’s CEO doesn’t expect the CFPB’s effort on lender’s title insurance to change much.
HUD cautioned that lenders could violate the Fair Housing Act by relying on decisions made by an advertising platform that uses artificial intelligence to place ads.