Originations

A piece of legislation cleared the House this week that would allow for so-called "desktop appraisals" on properties financed by government-backed veteran loans.

The 15-year average crossed the 5% threshold for the first time in over a decade.

The bank plans to shrink its vast mortgage empire, which once churned out one of every three home loans in the U.S. and for a time made the bank the most valuable in the nation.

The 30-year average has made a steep reversal over the past two weeks following a large acceleration in mid-June.

The bank began trimming its payroll after a dismal first-quarter origination performance. It will announce second-quarter results next week.

Even with another annual surge of over 20%, the pace of home-price growth eased in May and experts anticipate even further moderation over the next year.

Non-depository institutions originated an even greater share of all home loans compared to the year before, according to the Federal Financial Examination Council’s latest analysis of Home Mortgage Disclosure Act data.

The moves were widely anticipated, with the markets already pricing them in, as the central bank attempts to get the upper hand on record-setting inflation.

On Dec. 31, 2021. Dollars in thousands.

The lender is the latest to announce cuts in response to declining production volume.