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Navigating movement in the mortgage industry series: Post-closing matters are important too

Housing Wire

Introduction As part of our ongoing discussion on the concept of movement in the mortgage industry, it is readily apparent that the failure of mortgage companies to pivot or tweak their business models to satisfy changing market and other conditions has resulted in consolidation based on liquidity, buyback, financial and other concerns.

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Ally Financial closes mortgage origination business

Housing Wire

Higher-for-longer mortgage rates have claimed their first victim of 2025. Ally Financial announced Wednesday that it would exit the mortgage origination business as part of a broader strategy to pursue higher returns on investments. Bloomberg was the first to report the developments.

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Rocket Mortgage will pay up to $5,000 in closing costs for renters

Housing Wire

Rocket Mortgage on Tuesday unveiled RocketRentRewards, which the company says is the homeownership industrys first offer to provide closing cost credits for renters. With the national average rent at $1,800, that translates to $2,160 applied toward a clients closing costs.

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Tomo Mortgage closes $20M Series B funding round

Housing Wire

Tomo Mortgage on Tuesday announced the closure of $20 million in Series B funding that was led by three existing investors and a new participant. Tomo touts its use of artificial intelligence in streamlining loan underwriting and closing processes. The companys tech-driven approach to lending is proving attractive to investors.

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Mortgage rates have dropped sharply. How will borrowers respond?

Housing Wire

The pace of home sales remains near a 30-year low point as home prices and mortgage rates keep potential borrowers in wait-and-see mode. But mortgage rates have posted an unusually large decline in the past week. Mortgage pricing should be down a tad today, he said. This would be a clear headwind to any further rate cuts.

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How are mortgage rates affecting housing demand?

Housing Wire

It has been almost two months since mortgage rates spiked again, and my initial thought was this would tank housing demand. We had a positive 18-week period with purchase applications before mortgage rates started rising in September. Initially, the data showed more robust performance as mortgage rates approached 6%.

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Rising mortgage rates zap builder confidence

Housing Wire

Todays housing starts data exceeded estimates; however, a closer examination of the report with the builder confidence reveals that the recent rise in mortgage rates , approaching 7.25%, has negatively affected builder sentiment. Since late 2022, our analysis indicates that mortgage rates in the 6%-6.5%

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