Direction of mortgage interest rates uncertain after Fed meeting

Mortgage rates declined for the first time in eight weeks, even as the Federal Open Market Committee raised the possibility of a hike in its final meeting this year. In the short term, the FOMC decision this week to leave short-term rates where they are helped to drive the 10-year Treasury yield back down from the 5% cliff. That in turn should contribute to lower rates on the 30-year mortgage. But Sam Khater, Freddie Mac's chief economist, thinks the Fed's posture is not helping the market. Freddie Mac's Primary Mortgage Market Survey for Nov. 2 found the 30-year fixed rate mortgage at an average of 7.76%, down three basis points from 7.79% last week but up from 6.95% one year ago.

READ MORE: Direction of mortgage interest rates uncertain after Fed meeting

Mr. Cooper hit with a cyberattack

Mr. Cooper reported Thursday it had a cybersecurity incident earlier in the week, in which an unauthorized third party gained access to certain technology systems.? Though the lender did not expand upon the attack and its scope, which took place Oct. 31, it did note that for now, some of its systems are offline.? The lender has "initiated response protocols, including deploying containment measures to protect systems and data." The timeline for when some of its systems will be restored was not disclosed.

ICE Mortgage Technology losses grew in 3Q

While ICE Mortgage Technology posted a much larger operating loss in the third quarter, it was profitable using a non-GAAP metric that assumes it has owned Black Knight since 2021. The transaction closed on Sept. 5, and subsequently in separate deals, Intercontinental Exchange had to sell the Empower loan origination system and Optimal Blue to units of Constellation Software. ICE Mortgage Technology posted an operating loss for the fifth time in the last six quarters, at $157 million for the most recent period. This compares with a loss of $17 million in the second quarter and a profit of $6 million for the third quarter of 2022.

Rocket Mortgage's new AI tool is part of a broader plan

Rocket Mortgage is continuing to evolve in its use of artificial intelligence, announcing Monday it is testing an AI chat interface in its search engine used by its loan officers, brokers and underwriters to find answers to questions that arise during the loan origination process. Thus far, early tests show a 69% increase in speed to resolution compared to the current process, said Brian Woodring, chief information officer at Rocket Mortgage.? The eventual goal, according to the Rocket executive, is for the mortgage shop to become a fully "AI-powered homeownership company."?

Better launches white-label platform for homeowners insurance

Better says its new white label solution allows mortgage applicants to buy homeowner's insurance within minutes. Borrowers can use Better Insurance during the fund and lock stages of their application, the company announced Thursday. The digital lender, now known as Better Home & Finance since going public via a SPAC merger in August 2023, built the platform with insurance technology firm Sure and Toggle, a Farmers Insurance company that built the insurance underwriting capabilities.?

Canadian mortgage broker lists on U.S. exchange

Toronto-based mortgage broker Pineapple Financial is listing on the NYSE American exchange, because its management sees growth potential, not just in its home country, but across borders, including the United States, as well. The company priced the IPO at U.S.$4 per share. But once trading commenced on Nov. 1, the shares started falling to a low of $2.67 per share before regaining ground to $3.30 per share by noon. Pineapple's roadmap calls for others to utilize and deploy its software and platforms,? CEO Shubha Dasgupta said, although things could change given the fluid nature of the mortgage business.

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