–Mortgage rates dropped slightly after a sharp rise at the end of May, according to the latest report from Freddie Mac. Falling eight basis points from a six-month high to 6.71%, homebuyers are still feeling the affordability squeeze, with another Fed meeting on the horizon.
-At the same time, mortgage applications fell for the fourth straight week, according to the Mortgage Banker Association’s weekly survey. But FHA applications picked up slightly, potentially foreshadowing a return of first-time buyers.
-Another MBA report found commercial and multifamily loan delinquencies are growing, as the industry anxiously waits to see how recent bank failures have affected this sector. Delinquencies remain far below levels seen during the Great Recession, though, according to National Mortgage News.
–Freddie launched a new affordable mortgage product for loans on homes in tribal lands, partnering with indigenous-owned financial institution Lakota Funds. Named HeritageOne, the new offering is meant to create homeownership opportunities in rural areas for members of federally recognized tribes, and includes financial counseling and other services.
–Two former employees of United Wholesale Mortgage, one of the largest lenders in the country, are suing the company for retaliation, sexual harassment and other legal violations from its implementation of return-to-work policies, according National Mortgage Professional. The lender has also recently been sued for alleged anti-competitive practices and withholding commissions.
-In more legal developments stemming from recent upheaval in the industry, former employees of defunct Sprout Mortgage settled their lawsuit with the company over lost wages for $3.5 million, according to National Mortgage News. Sprout allegedly failed to notify workers and government agencies of its impending shutdown, and also stole money intended for healthcare premiums, the outlet reported.
–Foreclosures continue to tick up this year amid broad economic uncertainty, with the latest analysis from ATTOM Data Solutions showing foreclosure filings up 7% from last month. Foreclosure completions also hit a yearly high, according to ATTOM CEO Rob Barber.