5 signs homebuyer demand is slowing

The housing market continues to show signs of weakening, as homebuyer demand dropped for the second time in three weeks. A few signs that purchasers are losing interest include listings staying on the market for longer, web traffic for buyers and open house attendance falling and luxury home sales declining.?

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Credit conditions expected to weaken this year

Bank economists do not expect loan growth for the rest of the yea because of high-interest rates and a slow down in the economy. The American Bankers Association’s credit condition index fell by 20.1 points in the third quarter, well below the threshold of 50. Economists remain cautiously optimistic, pointing to strong consumer demand, a steady job market and business investments.?

Layoffs hit three more mortgage lenders

Wyndham Capital Mortgage has confirmed it will terminate the jobs of 48 staff members in its main office in Charlotte, North Caroline. The announcement comes on the heels of layoffs in Nashville-based FirstBank and Texas-based Open Mortgage.?

Wells Fargo faces criminal probe over interview practices

Federal prosecutors started a probe looking into Wells Fargo’s hiring procedure, looking at reports of “fake interviews” the bank held for nonwhite and female applications. The investigation follows reports that current and former employees were told to interview “diverse” candidates even when the job was already promised to other candidates.?

Mortgage servicing concentrated in the Midwest goes up for bid

A seller put nearly $817 million in agency servicing rights in the Midwest for sale. While the offering is relatively small, it has garnered attention due to its unusual location.The mortgage servicing rights, while popular in California, are less common in the Midwest. Weighted averages for the government-sponsored enterprise-backed loans involved in the Midwestern offering are: age, 17 months; interest rate, nearly 3.06%; and FICO credit score, 757. The average loan size is around $224,112. Per-loan averages for principal/interest and taxes/insurance are roughly $1,127 and $524, respectively.

Freddie Mac, MBA, Cenlar, Floify appoint, promote new leaders

Freddie Mac has promoted two company veterans. It named Corey Aber as the new vice president of mission, policy and strategy and Erlita Shively as vice president of multifamily counterparty risk management. Loan subservicer Cenlar named Steven Taylor as senior vice president, chief information officer. Other notable promotions include Inlanta promoting Paul Buege to CEO.?

Austin loses pandemic-boomtown halo with out-of-town homebuyersThe capital of Texas saw the highest pandemic boom as out-of-town home shoppers moved for a cheaper alternative. However, as interest rises, Austin homes are losing popularity. In April and May it had the biggest drop-off among boomtowns.?

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