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Initial applications for US jobless benefits totaled 232,000 in the week ended Oct. 18, according to the Labor Department website showing historical data for claims.Continuing claims, a proxy for the number of people receiving benefits, came in at 1.957 million, up slightly from 1.947 million in the prior week. For initial claims, weekly data for the previous three weeks weren't made available.A spokesperson for the Labor Department said a technical issue caused the early posting of some data, adding the complete series will be available by close of business on Thursday.READ MORE: Waller backs 25 bps 'risk management' rate cut in DecemberThe department did not release its weekly jobless claims report during the government shutdown, which ended last week, but it has published data on its website through other channels. Unadjusted state-level claims data were available for download throughout the shutdown. Economists have used those state figures along with pre-released seasonal adjustment factors to estimate weekly claims.The seasonally-adjusted initial claims figure was accessed through an online database, and the recently posted figure is roughly in line with prior estimates.The federal government shutdown delayed a number of key economic reports, including the monthly jobs report. The Bureau of Labor Statistics announced an exception for the September consumer price index, which was released last month, to allow the Social Security Administration to calculate the annual cost-of-living adjustment for Social Security recipients. The September jobs report, which was originally slated to publish Oct. 3, will now be released Thursday. 

US homebuilders' confidence barely rose this month as they struggled to lure cautious buyers off the sidelines with costly sales incentives.An index of market conditions from the National Association of Home Builders and Wells Fargo ticked up 1 point in November to 38. A value below 50 means more builders see conditions as poor than good. Economists surveyed by Bloomberg estimated sentiment to hold at 37.In November, 41% of builders reported cutting prices, a record in the post-Covid period, according to Tuesday's report. More broadly, 65% reported using sales incentives, unchanged from the prior two months.READ MORE: New-home loan growth slows as builders anticipate a slowdownDespite lower mortgage rates and tamer prices recently, consumers are still worried about the economy and job market. Layoffs are picking up while hiring remains sluggish, and weakness in spending is spreading from lower-income Americans into the middle class."We continue to see demand-side weakness as a softening labor market and stretched consumer finances are contributing to a difficult sales environment," NAHB Chief Economist Robert Dietz said in a statement.Data out earlier Tuesday showed US companies shed 2,500 jobs per week on average in the four weeks ended Nov. 1, according to ADP Research. Job gains were probably tepid in September, ahead of the government's report due Thursday that was delayed by the shutdown.READ MORE: New-home sales pace hits 2025 high despite dip in appsAmong the index's components, sales expectations in the next six months fell 3 points, while gauges of present sales and prospective buyer traffic each ticked up slightly. The group also said market uncertainty, exacerbated by the record long government shutdown, played a part in restraining sentiment.Despite the weak sentiment reading, builders are looking toward an improved spring selling season, encouraged by mortgage rates hovering near the lowest level in a year and some improvement in clearing an oversupply of houses, according to recent earnings calls. They're also gaining an affordability advantage over resold homes, and the heavy discounting is likely to continue next year, Bloomberg Intelligence analyst Drew Reading said in an Oct. 29 note.Around the country, builder sentiment in the South, the US's biggest homebuilding region, as well as the West climbed to the highest since April. Sentiment in the Northeast fell by the most since February, while it was down in the Midwest to a lesser extent.The National Association of Realtors will give an update on the previously owned home market on Thursday, when it releases October existing-home sales.

The Structured Finance Association is joining Rep. Scott Fitzgerald, R-Wis., and others as support builds for the SEC to take another look at a rule that could reshape the mortgage securities market.The SEC has requested comment on the Reg AB II rule that's generally shut private-label residential mortgage-backed securities issuers out of the public market since 2013. The government-related MBS that currently dominate the market are exempt from the rule."A vibrant public RMBS market is essential to expanding mortgage credit, lowering costs for families and ensuring a resilient housing finance system," SFA CEO Michael Bright said in a press release.  U.S. Department of Housing and U/Mitch Miller His comments support Fitzgerald's, who said in a letter to SEC Chairman Paul Atkins late last week that while the private RMBS market has been active through deals issued under Rule 144A to qualified institutional investors, housing could benefit from additional public deals."A public, registered RMBS market would increase the sources of private capital from insurance companies, REITs and other investors that face limits to their investments in private placements, thereby dramatically increasing the availability of mortgage credit," Fitzgerald said in the letter.Fitzgerald sits on the House's Financial Services and Judiciary Committees. The broader range of groups seeking changeThe Mortgage Bankers Association also plans to send input on Reg AB II to the commission before a Dec. 1 deadline. The association included the rule on a list of those it would like to see revisions to earlier this year. "A more robust, sustainable private RMBS market would increase the diversity of housing finance capital sources, making the system more resilient and promoting greater liquidity, while also lowering costs and improving choices for borrowers," the MBA said in a statement. "This has once again gained focus as part of discussions regarding housing finance reform and the future of the GSEs."Ed DeMarco, president of the Housing Policy Council, has been an advocate of prudently modernizing Reg AB II with the aim of opening up the market. He has suggested that policymakers reference the 144A RMBS market in doing so. "An examination of these deals reveals a common set of disclosure benchmarks from which the SEC could reformulate aspects of Reg AB II," he wrote in a NMN op-ed published in 2019.A spokesperson for the council confirmed HPC is still backing this type of change. SFA also has been discussing the potential for 144A practices to be applied to public market standards among a broad range of capital markets participants, including investors."We continue to believe that thoughtful reform of Reg AB II is essential to the return of private capital to the mortgage market," HPC said in a statement.While exempt government-sponsored enterprises that back MBS are competing with private issuers, policymakers who are rethinking the enterprises' role could have more flexibility in pursuing different options for reform if the market for mortgage bonds were to expand.Where investors want caution in scaling back Reg AB IIInvestors and others who remember the mass underperformance of mortgage bonds in the 2008 crisis that put many firms out of business and forced the GSEs into conservatorship want to make sure they don't lose any essential protections in rethinking in Reg AB II.SEC Commissioner Caroline Crenshaw urged commenters in a September statement to "be mindful of removing requirements that serve to provide transparency and consistency in aid of investor analysis and diligence or provide information that bolsters market integrity."Other issues besides disclosure could challenge the return of a public market for privately issued RMBS. The government-related entities' current domination has created concerns about whether the overall market's pricing is aligned with its risk, and this would need to be addressed. Reasons to revamp the rule that go beyond RMBS deregulationThe disclosure of 270 data points that Reg AB II requires for each mortgage are a common reason some stakeholders have pushed for change to it, but other reasons to rethink it exist as well, according to a recent report from Hunton.The law firm, which primarily has a business focus, indicated that conflict between required disclosures and protections for consumer data are another reason to rethink the rule.One possible workaround for asset-level disclosures could be in line with the idea that reform to the rule could be based on what works in the existing private-label RMBS market."The SEC is considering whether issuers should be permitted to use sponsored, access-controlled websites to provide sensitive ALD — similar to current Rule 144A practice," attorneys Michael Fitzpatrick, Adam O'Brian, Amy McDaniel Williams and Ian Sterling wrote.The re-examination of Reg AB also has implications for asset-backed securities that go beyond single-family RMBS, extending to commercial mortgage securitizations and collateralized loan obligations in the commercial real estate market, according to MBA.

Two heavyweights in the US residential real estate market, Compass Inc. and Zillow Inc., will face off in a New York courtroom this week in a legal battle that could reshape the future of how homes are marketed and sold in the country.Compass, the largest residential brokerage, sued Zillow in June claiming the real estate site acts anticompetitively by banning listings that were publicly marketed elsewhere first. A four-day hearing is set to start Tuesday before a federal judge who will decide whether to temporarily block Zillow's policy while the lawsuit proceeds.The dispute is the latest in a long-running fight over who controls the most valuable asset in real estate: information. Compass has built a private listings network allowing sellers to quietly market homes with its own agents before posting on public multiple listing services [MLS]. It argues the strategy lets sellers test demand and pricing without leaving a record on the MLS that could hurt future sales. READ MORE: Zillow violated RESPA in agent, mortgage businesses: LawsuitBut Seattle-based Zillow, which relies on MLS data to power its popular website, says the practice makes the housing market less transparent. The company responded with the Zillow Listings Access Standards — a rule blocking any listings that aren't made available to the MLS within a certain timeframe. The outcome of the legal fight could have wide implications for the industry because it may "result in some actual boundaries around acceptable practice as to exclusive real estate listings," said Justin Teresi, a Bloomberg Intelligence litigation analyst.The hearing in Manhattan is set to last through Friday before US District Judge Jeannette Vargas. Among the witnesses expected is Compass Chief Executive Officer Robert Reffkin, along with industry experts for both sides. Depositions from other company officials also may be part of the evidence, including from Zillow co-founder Lloyd Frink.READ MORE: Zillow's mortgage revenue up 36% on purchase volume growthThe Compass-Zillow dispute comes amid a broader industry feud over a 2019 National Association of Realtors policy that requires agents to formally list homes on local MLS networks within 24 hours of starting any public marketing. It limits so-called pocket or whisper listings, which critics say put some buyers at a disadvantage while also making it harder for sellers to maximize proceeds.But Zillow has effectively stepped in as an enforcer of the rule. NAR has been weakened by recent legal battles and in March, updated its policy by allowing individual MLSs to formulate standards for when sellers want to delay wide marketing of a listing. The following month, Zillow instituted its ban. Market PowerCritics say Compass' push to build its private listings network is meant to dominate listings and commissions in a sluggish housing market. Those fears were amplified when the company announced in September plans to acquire Anywhere Real Estate Inc. for $1.5 billion, which would create a brokerage more than double the size of its closest competitor based on sales and expand its share in major cities. The US Justice Department is in the early stages of a review of the deal, according to a person familiar with the matter.Compass' suit is one of several filed against Zillow this year. CoStar Group Inc. accused the firm in July of copyright infringement over photos posted on Zillow.com and its partner websites. In September, the Federal Trade Commission sued to block a $100 million deal that made Zillow the exclusive provider of information on apartment rentals offered by Rockets Cos.' Redfin. Five state attorney generals filed a separate complaint over the partnership in October.Consumers have filed two separate class action lawsuits, including one last week accusing Zillow of pressuring buyers into using its mortgage lending services. The other claims the web platform routs consumers to Zillow agents who pass on higher commissions to buyers than if they were to use an outside agent.While the hearing this week in New York will amplify the dispute over private listings, the case isn't likely to go before a jury, according to Teresi, the BI litigation analyst. Compass probably will "fall short of the high evidentiary bar" required for the judge to block Zillow from using its policy, at least at this stage of the litigation, which means the two sides are more likely to settle to avoid the risk of losing at trial, Teresi said.The case is Compass v Zillow, 25-cv-05201, US District Court, Southern District of New York.

Home Depot Inc. cut its full-year earnings guidance, warning that some unsteady consumers are hitting the pause button on big-ticket home purchases.The world's largest home-improvement retailer said it expects adjusted earnings per share to decline 5% from a year ago, lower than its previous forecast. The company said its profit and comparable sales came in lower than expected in the last quarter, citing the overall weakness in the housing market and a lack of storms that hampered demand in roofing, generators and other categories.The company's shares fell as much as 5% on Tuesday. Its stock had dropped about 8% this year through Monday's close, compared to a 13% increase in the S&P 500 Index.READ MORE: New-home sales pace hits 2025 high despite dip in appsHome Depot's bleak forecast provides another warning about the strength of US consumers in the absence of official economic data during the US government shutdown. Reports from Target Corp. and Walmart Inc. later this week will offer further insight into whether a cooling job market, corporate layoffs and inflation are triggering a broader spending pullback. "We had expected demand to begin accelerating gradually in the back half of the year as interest and mortgage rates eased. But what we see is ongoing consumer uncertainty and continued pressure in housing disproportionately impacting home improvement demand," Chief Financial Officer Richard McPhail said in an interview.Frozen MarketThe US housing market remains frozen for a number of reasons. Even though mortgage rates are lower than they were a year ago, Americans have been reluctant to make purchases as cost-of-living and economic concerns create new hurdles. Home prices remain high, meaning affordability is becoming more out-of-reach for consumers. High interest rates have also prompted US households to halt their plans to buy and remodel homes. Instead, many are taking on small projects, like painting and sprucing up their gardens, that don't require financing. That has slowed sales at Home Depot and other home-improvement companies.READ MORE: Hidden home costs hit $16K, outpacing incomesTariffs have added to challenges for Home Depot, which is undergoing its first period of slowing sales in over a decade. While flooring, home appliances and other products have been subject to tariffs, the retailer has maintained pricing levels because most of its imported goods arrived before new levies were imposed. Still, the company has cautioned that some items would get more expensive later this year. Bloomberg Intelligence analyst Drew Reading wrote Tuesday that "elevated consumer uncertainty, a weak housing market and potential tariff impacts" will likely weigh on Home Depot's growth.In an effort to grow operations, the Atlanta-based company has been boosting online offerings and expanding its business catering to professional contractors, who spend more than do-it-yourself consumers. Executives have said customers are deferring large purchases, but that they remain healthy because of their income gains in recent years and home price appreciation of 50% since 2019.Still, comparable sales rose only 0.2%, missing analyst forecasts of 1.36%, and the company doesn't see signs of a major uptick anytime soon.Demand remains steady, but has not picked up, McPhail said. There's positive momentum around holiday buying but the broader housing market has been soft due to high rates and affordability concerns and job concerns are impacting consumers, he said.

Mortgage application defect rates increased over 15% in the second quarter, but executives at Aces Quality Management described the change as nuanced, related to such areas as appraisal and borrower eligibility.It is the second consecutive quarter the rate has increased, coming off of a low of 1.16% in the fourth quarter last year."The rise was mainly in specific categories such as appraisals and eligibility-related areas," Nick Volpe, executive vice president at Aces. "Meanwhile, other key underwriting areas saw notable improvements. This mixed performance demonstrates the importance of continuous monitoring and targeted quality control efforts."Aces examines closed loan files. The second quarter defect rate of 1.51% compares with 1.31% in the first quarter and 1.81% one year prior.The increase was driven by higher defect findings covering collateral, loan eligibility and regulatory-related categories offsetting improvement in other areas.Aces uses the Fannie Mae loan defect taxonomy to categorize its findings.This report comes on the heels of two other studies. Cotality found that one in every 118 mortgage applications had indicators of misstatements in the second quarter. Its Mortgage Fraud Application Risk Index was at 132 for the third quarter. While this was down by 2.7% from the second quarter, it rose by over 8% on an annual basis.Meanwhile, a separate study from Transunion found that credit washing activity, the act of boosting one's score by falsely claiming tradelines contained inaccurate information, rose 700% in the last two years. While more commonly seen for auto loans, this activity has leached into the mortgage and home equity lending space, observers noted.Freddie Mac unveiled its Quality Control Advisor Plus on Nov. 17, as part of its program to cut down on misrepresentations in loan files.Even if they use this technology, lenders are still obligated to maintain a robust QC function prior to delivering loans to Freddie Mac, noted Phil McCall, Aces president and chief operating officer.What type of application defects is Aces findingIncome and employment defects, whose occurrence rate fell quarter-to-quarter to 18.45% from 22.99%, was still the leading finding by Aces in its QC loan file reviews.Legal, regulatory and compliance was the second most frequent finding, at 16.24%, up from 14.94% three months prior.Borrower and mortgage eligibility defects had one of the most significant increases, to 15.87% from 6.9% in the first quarter.Appraisal also had a large percentage gain, with the finding found in 5.9% of second quarter reviews, up from 2.3% in the first quarter.Purchases made up 82.7% of audits in the second quarter, with the defect share at just under 74%; in the first quarter this was 87.6% and 80.4% respectively.The refinance defect share, on the other hand, increased quarter-to-quarter to 26.04% from 19.57%."The rise in refinance defects corresponds with the growing prevalence of cash-out transactions, which typically involve more complex collateral valuations, equity calculations, and eligibility documentation," the Aces report noted. "These dynamics mirror the increases observed in collateral, eligibility, and compliance-related categories at the overall dataset level."This increase reflects increased loan complexity around refis rather than any systemic decline in performance, which underscores lenders' ability to manage their loan quality effectively as volumes and composition evolve, the report goes on to say.Which investor types have the highest defect shareBy investor type, conventional loans had a 61% share of reviews and 59.6% of defect findings in the second quarter. Both were down from 65.3% and 66% respectively three months earlier.Veterans Affairs mortgages were 11.5% of reviews, with 9.6% of defects, up from 10.5% and 9.6% for the first quarter. But the defect share remained less than the percentage of files reviewed, which Aces said is "a positive indicator of stable quality within this segment."But after two quarters of improvement, the Federal Housing Administration share of defects grew to 30.2% from 25.5%; this loan type made up 25.8% of reviews, a jump from 21.9%.

Key insight: Comerica worked fast to land its massive sale to Fifth Third after considering Regions' bid, according to two sources familiar with the matter.Supporting data: The 17-day timeline from when the bank CEOs began conversations to when the deal agreement was signed is the fastest among any of the top-20 largest bank deals announced this year.Forward look: If Comerica doesn't provide additional disclosure about how its agreement with Fifth Third came together, it could face legal action from an activist investor.Regions Financial tried to buy Comerica earlier this year, shortly before the Dallas-based company sold itself to Fifth Third Bancorp in the largest bank transaction announced in 2025, two sources familiar with the matter told American Banker.Comerica rejected Regions' offer, and then moved quickly to strike its $10.9 billion deal with Fifth Third, according to the sources, who spoke on condition of anonymity. The timeline in their account matches up with information that Comerica released in a recent regulatory filing.Comerica said in its recent filing that in September, it received a proposal for an all-stock deal from an unnamed financial institution. Comerica described the bid as "preliminary."Comerica declined to comment for this article. Regions spokesperson Jeremy King said in an email Monday: "We never discuss rumors about M&A."The sources familiar with the matter said that Comerica executives went into a panic during the summer after an activist investor group called HoldCo Asset Management demanded that the $78 billion-asset company pursue a transaction due to underperformance and financial strain.HoldCo now has questions about the deal's timeline, and about Comerica's process for getting there. In a new report Monday, HoldCo asked Comerica to disclose additional information about how the deal with Fifth Third came together, including whether Comerica solicited other offers, how conversations between the two banks evolved and how Comerica CEO Curt Farmer's post-merger compensation was decided.Farmer will become Fifth Third's vice chair after the companies merge, and will earn $8.75 million in annual compensation, per public filings. He will eventually serve as a senior advisor to the bank and receive the same pay in that role.If Farmer's employment agreement falls through, or he loses his position in the next roughly two years, Fifth Third will pay him $42 million. At his current compensation, he will earn that amount in about five years, though he's eligible to sit on Fifth Third's board until a decade from now.If Comerica doesn't answer the activist investor's questions, HoldCo said in its report that it will consider legal action. The firm said it may seek expedited relief in the Delaware Court of the Chancery to gather the disclosures it's after, and would consider bringing fiduciary-duty claims in the court.Farmer said in an interview back when the Fifth Third deal was announced that HoldCo's July report wasn't a factor in its decision to sell.Comerica had been weighing a sale since the regional banking crisis of 2023, Farmer told American Banker last month. During that mini-crisis, a string of bank failures put a spotlight on liquidity — and Comerica's relative shortfall of stable, low-cost deposits. Over the years, Comerica's commercial business had become its bread and butter, and the bank didn't have a similar stronghold in retail products.The bank lost $3.7 billion of deposits in a few weeks amid the upheaval, and its stock price fell some 50% between mid-March and mid-May 2023.Financial regulators also ramped up scrutiny of Comerica around the same time, sources familiar with the matter said. The bank was hit with confidential supervisory notices that cited dozens of concerns, including risk technology, risk governance and controls, the sources said.Comerica has been "rebuilding" since the regional banking crisis, Farmer said on Comerica's earnings call in July. Weeks later, HoldCo published its initial report.Regions' bid came shortly thereafter, according to the sources, despite the bank's long-standing avoidance of M&A. Regions Chief Financial Officer David Turner said earlier this month that deals aren't part of the bank's strategic plan."That being said, we have to be cognizant of what's going on around us," he said at an industry conference. "We've talked a little bit about taking advantage of disruption that is occurring in our market. And so it's just not part of where we want to focus our time and attention. And we understand things can change, but that's just not where we are today." In September, as Comerica determined that the initial bank's bid wouldn't be able to beat out another party's, per the public filing, it set its sights on selling itself to Fifth Third. The sale of Comerica will solve a major problem for the beleaguered bank: a lack of low-cost deposits. Meanwhile, the addition of Comerica will propel the Cincinnati bank's market share in fast-growing geographies it has been targeting, like Texas.The deal that Comerica inked with Fifth Third came together faster than any other of the top-20 bank deals announced this year, per an American Banker analysis of public filings. Just 17 days passed from when Farmer and Fifth Third CEO Tim Spence first made contact about a deal to when they signed the merger agreement.According to the companies' public filing, Farmer called Spence on Sept. 18, and less than three weeks later a deal was signed. The process was faster than most other recent bank deals of similar sizes by several weeks, and in some cases months.The two banks' CEOs have known each other for several years, and have periodically met, but the public filing said that "prior discussions did not involve the possibility of Fifth Third acquiring or combining with Comerica."Spence and Farmer had been in contact prior to Sept. 18, according to sources familiar with the matter. One source said that the CEOs had started having conversations about "possibilities" last year, but that those didn't yet entail serious negotiations about an acquisition.A Fifth Third spokesperson said it's not accurate to say that acquisition conversations began last year, and pointed to the two banks' public securities filing for an account of the timeline. The leaders of Fifth Third and Comerica did confirm the nature of one conversation they had before the deal was hatched. Farmer said in an interview last month that he rang Spence in early September to congratulate him on Fifth Third taking over a government contract from Comerica. Fifth Third was chosen by the U.S. Treasury Department as the financial agent for a government prepaid debit card program, after Comerica lost the agreement following regulatory concerns. "I had actually called [Spence] to congratulate him, and literally did not know that I'd be talking to him, you know, in the week or so after that, about the possibility of an acquisition," Farmer told American Banker in early October. "We certainly were thinking about a potential acquisition partner or merger partner, but had not reached that conclusion."Fifth Third and Comerica will hold special shareholder meetings on Jan. 6 to vote on the adoption of the merger agreement.

It’s time to take a look at the top mortgage refinance companies in the country, based on total loan volume.As you may have guessed, United Wholesale Mortgage (UWM) led the way, though not by much over its crosstown rival Rocket Mortgage.And if we consider the total number of refinance loans closed, Rocket actually beat out UWM with 147,000 total loans funded versus just 108,000 for UWM.It wasn’t a big surprise seeing that they were the top mortgage lender overall in 2024 as well.Read on to see which other mortgage companies made the top 10 refinance list.Top Mortgage Refinance Companies (Overall)RankingCompany Name2024 Loan Volume1.UWM$41.6 billion2.Rocket Mortgage$39.8 billion3.Freedom Mortgage$11.7 billion4.Pennymac$8.8 billion5.loanDepot$6.6 billion6.Chase$6.6 billion7.U.S. Bank$5.8 billion8.Newrez$5.4 billion9.Mr. Cooper$5.0 billion10.CrossCountry$5.0 billionNearly 5,000 banks, credit unions, and mortgage companies funded about $370 billion in refis during the year.As mentioned, Pontiac, Michigan-based mega wholesale lender UWM took first place in the mortgage refinance category with $41.6 billion funded in 2024 (latest complete year), per Richey May’s HMDA data.While that sounds pretty good, consider that UWM funded $140 billion in refinance loans in 2021 when mortgage rates hit record lows!There are two main types of mortgage refinances: the rate and term refinance (used to lower your rate and/or change your loan type/term) and the cash out refinance, utilized to tap equity.UWM shined in both categories as a decent number of homeowners sought both lower mortgage rates after the 2023 rate shock and cash via their mounds of home equity.As mentioned, their total refi volume edged out Detroit-based Rocket Mortgage, but their total number of loans was lower. In other words, UWM managed to close bigger loans, despite funding fewer of them.And they did so as a company that works exclusively with mortgage brokers, which is pretty impressive.By the way, Rocket funded $275 billion in refis during 2021…wild days those were.In third was Freedom Mortgage with $11.7 billion in refinance loans, quite a bit better than fourth place Pennymac’s $8.8 billion.Completing the top five was direct lender and MLB sponsor loanDepot with $6.6 billion funded during the year.Others in the top 10 included Chase, U.S. Bank, Newrez, Mr. Cooper (now owned by Rocket!), and Cleveland-based CrossCountry Mortgage.No huge surprises as these are all either big commercial banks or household names in the mortgage industry.Top Mortgage Refinance Companies (Conventional Loans)RankingCompany Name2024 Loan Volume1.Rocket Mortgage$23.0 billion2.UWM$21.2 billion3.Chase$6.5 billion4.U.S. Bank$5.7 billion5.Bank of America$4.8 billion6.Wells Fargo$3.2 billion7.CrossCountry$3.0 billion8.loanDepot$3.0 billion9.Mr. Cooper$2.9 billion10.Citizens Bank$2.9 billionIf we filter out government-backed home loans, including FHA loans, VA loans, and USDA loans, the list changes a bit.Banks and mortgage lenders primarily originate conventional loans, which includes conforming loans backed by Fannie Mae and Freddie Mac, along with jumbo loans.Rocket took #1 in this category $23 billion in conventional mortgage refinance loans, followed by UWM with $21.2 billion, and NYC-based Chase with $6.5 billion.Clearly it’s a two-horse race here between the two nonbanks from Michigan, with everyone else far, far behind.Chase and U.S. Bank climbed the leaderboard since they tend to do more conventional than government-backed lending, and Bank of America entered the fray as well.The bottom half of the top 10 was different as well, with Wells Fargo, CrossCountry Mortgage, loanDepot, Mr. Cooper, and Citizens Bank included.There were five banks and five nonbanks in this list as depositories are generally focused on conventional lending.Top VA Refinance Loan CompaniesRankingCompany Name2024 Loan Volume1.UWM$13.4 billion2.Rocket Mortgage$7.0 billion3.Freedom Mortgage$6.7 billion4.Veterans United$4.3 billion5.Pennymac$3.9 billion6.Village Capital$2.9 billion7.Newrez$1.8 billion8.New Day Financial$1.8 billion9.loanDepot$1.6 billion10.The Federal SB$1.3 billionIf we focus solely on VA refinance loans, UWM was tops again and with room to spare, funding $13.4 billion during the year.That was more than enough to beat out #2 Rocket’s $7.0 billion and third place Boca Raton-based Freedom Mortgage’s $6.7 billion.It then dropped off quite a bit with Veterans United Home Loans in fourth and CA-based Pennymac in fifth with about $4 billion funded each.The rest of the best included Village Capital, Newrez, New Day Financial, loanDepot, and The Federal Savings Bank.Most VA loans that are refinanced are done so via the streamlined IRRRL program, which requires less documentation than typical mortgage loans.Also be sure to check out my post for the top VA lenders for all loan types.Top FHA Refinance Loan CompaniesRankingCompany Name2024 Loan Volume1.Rocket Mortgage$9.7 billion2.UWM$7.0 billion3.Freedom Mortgage$4.0 billion4.Pennymac$2.7 billion5.loanDepot$2.0 billion6.Mutual of Omaha$1.7 billion7.Mr. Cooper$1.4 billion8.Newrez$1.2 billion9.Lakeview$1.2 billion10.CrossCountry$1.2 billionWhen it came to FHA refinances, Rocket Mortgage blew away the competition with $9.7 billion funded last year.You knew they were going to win one of the categories since they’re known as a refinancing machine. And so here it is.They will get even bigger in 2025 and beyond thanks to their acquisition of Mr. Cooper.Meanwhile, UWM snagged second with $7.0 billion, followed by Freedom Mortgage with $4.0 billion funded.Pennymac took fourth with $2.7 billion, and Irvine, CA-based loanDepot grabbed fifth with $2.0 billion in FHA refinances.In case you weren’t aware, Irvine is basically the mortgage epicenter on the West Coast.Others in the top 10 included Mutual of Omaha Mortgage, Mr. Cooper, Newrez, Lakeview Loan Servicing, and CrossCountry Mortgage.I would add a category for the top USDA refinance companies, but loan volumes are just too low. It’d be mostly pointless.The majority of homeowners with USDA loans probably either refinance out of the program, keep their loan to maturity, or sell their home before refinancing. Though it is an option…Check out my post with the top FHA loan lenders across all transaction types for more.Who Are the Best Refinance Companies Out There?If you want to change the terms of your existing home loan, you might be wondering who the best refinance companies are.After all, “best” generally equates to excellent service and perhaps the lowest mortgage rates and lender fees.The lists above feature the largest refinance companies in the country based on loan volume, not necessarily the best lenders out there.Some large companies might have mediocre ratings while smaller companies could have 5-star reviews across multiple ratings websites.Take the time to read reviews/complaints and research the companies you’ve got your eye on before you proceed to apply.While large companies have proven the ability to close lots of refinance loans (which is a good thing if you want to get to the finish line), they may not be the cheapest option, or the best choice for you.Consider refinance companies large and small, whether it’s a local credit union, large commercial bank, direct lender, or an independent mortgage broker. Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.Latest posts by Colin Robertson (see all)

Bloomberg News Key Insight: Fed Gov. Christopher Waller said quantitative and qualitative market indicators continue to point to a distressed labor market, justifying a near-term interest rate cut as a means to boost labor and consumer demand. Expert Quote: "This reading of the data leads me, at this moment, to support a cut in the [Fed's] policy rate at our next meeting on Dec. 9 and 10 as a matter of risk management." — Fed Gov. Christopher Waller.What's at stake: Opinions among FOMC members on the appropriate path for monetary policy are highly divided, creating uncertainty on whether the Fed's rate-setting committee will move to cut rates in December.Federal Reserve Gov. Christopher Waller said he intends to support a 25-basis-point cut to short-term interest rates at the Federal Open Market Committee's December meeting.Speaking at an annual dinner hosted by the Society of Professional Economists in London, Waller said the labor market continues to show signs of distress, requiring the Fed's rate-setting committee to move monetary policy toward a more neutral stance.Waller said that despite a lack of official labor market data, forecasts from both the public and private sectors show that economic activity is slowing and consumer sentiment is weakening."This reading of the data leads me, at this moment, to support a cut in the FOMC's policy rate at our next meeting on Dec. 9 and 10 as a matter of risk management," said Waller.The Fed governor pointed to payroll figures from ADP, which show only 6,500 net jobs were created in September and October. That figure stands in contrast to the 22,000 jobs added to the economy in August, according to the Bureau of Labor Statistics. "The latest weekly data are even weaker," Waller stressed.He also cited a decline in job postings on job search site Indeed in October, and noted that a recent survey of large employers found they expect 2026 to be the "worst job market for new college graduates since the pandemic year of 2021, when the unemployment rate was around 6% at graduation time."Waller added that in the past four weeks, his conversations with CEOs have suggested companies are starting to plan for future layoffs."It could be AI related. It could be a lot of other things," he said. "I've heard a lot more of this in the last four weeks and that's what got me more concerned. We should be paying more attention to the labor market."Waller said arguments from some of his FOMC counterparts that the economy is performing well are short-sighted, because conditions are currently difficult for lower- and middle-income households."That's kind of where some of the disagreement comes in on the committee," he said. "People point to the financial markets and say, 'How can you say we're restrictive? Look at this stock market. Look at these bond markets,'" he said. "OK, it's loose for corporate America."He specifically pointed to the financial squeeze of housing and cars on consumers, calling it "an ongoing challenge for consumers, especially lower- and middle-income consumers.""When I go talk to households … they can't get a house, they can't afford to buy a car anymore," Waller said. "This doesn't tell me financial conditions are loose for the American household."Regarding inflation, Waller said he is not concerned, noting that tariffs will have a one-time impact and one that is not significant."Inflation through September continued to show relatively small effects from tariffs and support the hypothesis that tariffs are having a one-off effect raising price levels in the U.S. and are not a persistent source of inflation," he said.Waller added that if anyone is worried about "groupthink" among Fed officials, the upcoming FOMC meeting will demonstrate how divided the committee is."Now on the groupthink thing, people who are accusing us of this: Get ready, you might see the least groupthink you've seen from the FOMC in a long time," he said. "That's apparently a good thing."

Fraud and misrepresentation remain persistent challenges in the mortgage industry and Freddie Mac is responding by bringing Quality Control Advisor Plus to the market, a tool which automates this compliance function.The tool is currently in a phased onboarding process with plans to make it available to all lenders by year-end, including the participants in Freddie Mac's performing loan repurchase alternative pilot.Participants in this pilot have a 26% lower non-acceptable quality loan rate compared with those sellers who are not a part of it, Freddie Mac said.What is Quality Control Advisor Plus?Quality Control Advisor Plus is an integrated system that brings together previously separate pieces of technology, which will cut months off of the current QC process for most users, according to Sonu Mittal, executive vice president and head of single-family in a press release."This new platform doubles down on our transparent and proactive approach to modernizing our QC processes," Mittal continued in a press release. "It provides considerable efficiencies for lenders so they can quickly identify and remediate issues as early as possible to minimize reoccurring defects and improve loan quality."Lenders are able to upload as many as 250 files at one time for analysis. It also allows for more consistent decision making and standardized communications.The Freddie press release points to income-related problems as being the primary driver of loan defects. The government-sponsored enterprise recently came out with a new calculator to help with borrowers who have a variety of income sources.In a blog post issued on Nov. 17, Mittal also pointed to Loan Product Advisor's asset and income modeler, AIM for short."Our recent analysis shows increased use of AIM correlates with lower overall defect rates, which reflects loans that carry significant issues," Mittal said. "In fact, mortgages originated by lenders who leverage our digital tools are on average four times less likely to have loan defects than those originated without them."The current share of misrepresentations in mortgage filesAs of the second quarter, Freddie Mac repurchase demands are down 56% from their peak in 2023 because of the pilot program, with industry feedback being overwhelmingly positive," Mittal added.A recent study from Cotality found that one in every 118 mortgage applications had indicators of misstatements in the second quarter. Its Mortgage Fraud Application Risk Index was at 132 for the third quarter. While this was down by 2.7% from the second quarter, it rose by over 8% on an annual basis.Meanwhile, a separate study from Transunion found that credit washing activity, the act of boosting one's score by falsely claiming tradelines contained inaccurate information, rose 700% in the last two years. While more commonly seen for auto loans, this activity has leached into the mortgage and home equity lending space, observers noted.In August, Aces Quality Management's first quarter critical defect rate index was at 1.31%, up 15 basis points from the all-time low of 1.16%, with income and employment as the most cited errors.At the time, the report speculated that the change in where defects were being found may reflect lagging adoption of tools such as Freddie Mac's Loan Product Advisor Choice and Fannie Mae's self-employment income calculator.Fannie Mae does offer Loan Quality Connect, which allows lenders to work in a single system for loan file submissions, status updates and document management.It allows for instant communication and document sharing as well as loan quality feedback with real-time reporting.Mortgage industry response to Quality Control Advisor PlusThis new product is an encouraging step by Freddie Mac to strengthen manufacturing quality across the mortgage industry, said Phil McCall, president and chief operating officer at Aces.The exception data produced through this platform contains important indicators which, when combined with lenders' internal pre- and post-funding reviews, can lead to more accurate assessments of loan quality and risk," McCall said. "Advancements that create earlier, more actionable feedback loops help lenders address potential issues before they become costly, an outcome that benefits both originators and the secondary market."These updates from Freddie Mac relate to the post-delivery audits which are conducted as part of the government-sponsored enterprise's mortgage purchase process, McCall pointed out."They do not lessen lenders' obligations to maintain robust quality control prior to loan delivery," he warned. "Continued progress toward greater data transparency and the ability to securely share QC insights would further enhance overall loan quality and strengthen the mortgage ecosystem."Freddie Mac providing lenders with better tools and faster feedback about their loan files is a good thing, said Lance Ludman, senior vice president of Certainty Home Lending."What's not to like about technology that speeds the process and improves quality?" Ludman asked rhetorically. "As an industry, we've spent decades struggling to streamline so many of the behind-the-scenes processes that borrowers rarely understand, resulting in days or weeks of delay to their transactions."Certainty supports Freddie's efforts "to return the focus where it matters most — delivering for the consumer," he said.The product addresses an item Citywide Home Mortgage talks about in its operations, which is getting actionable feedback to its loan officers while issues with the loan file can still be fixed effectively, said John Cady, CEO and president."The real value here comes from compressing the timeline between origination and quality review so our teams can adjust before defects become patterns," Cady said. "Anything that helps us identify and resolve problems in real time rather than months later is going to improve both loan quality and the originator experience."