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Hildene Capital has closed its fourth nonqualified mortgage securitization of 2025 with Crosscountry Mortgage, continuing what has been fairly consistent issuance amid policy shifts this year.The $453.9 million transaction that Goldman Sachs structured with JPMorgan acting as joint lead received top AAA ratings from Fitch and KBRA for 99.5% of its underlying loans. The collateral has the following weighted averages: FICO, 748; and loan-to-value ratio, 70.25%.The continuing non-QM securitization at Hildene, which also recently led a $5 million Series A funding round for home-equity fintech Button Finance, highlights the focus on both these product sets in the current market. Lenders have been originating more second-lien and non-QM products because many outstanding borrowers have primary mortgages with lower-than-market rates. Seconds or home equity financing may not disrupt first liens, non-QM borrowers have other considerations."The completion of our latest securitization underscores our differentiated approach to asset-based credit," said Justin Gregory, portfolio manager at Hildene, in a press release.Shifts in the non-QM securitization landscape during 2025Hildene closed a non-QM securitization every month this year in a market with broader volatility that has led to some variation in the market's execution levels.A $511.5 million deal with 987 loans closed in January, followed by a $426.8 million March transaction with 860 mortgages and a $413.4 million April securitization with a 830 unit count.Angel Oak reported last month that it refrained from securitizing non-QM for the first quarter, returning to the market in the second. The company reported spreads widened and then came back in, and it has been able to sell whole loans to investors like insurers as an alternative.Since Hildene and Crosscountry's partnership was announced in 2022, the two have issued 14 non-QM securitizations totaling around $5.4 billion.In addition to broader market volatility linked to uncertainties around shifting plans for international tariffs, other new trends that the non-QM market has had to adapt because of policy changes include more stringent rules around immigration.Some of the Hildene transactions have historically included loans made to non-citizens with Individual Tax Identification Numbers or who have Deferred Action for Childhood Arrivals status, according to NMN affiliate Asset Securitization Report.  The Trump Administration has recent had this group in its crosshairs, eliminating their ability to get USDA loans.Only 2% of loans in the latest securitization were made to ITIN or DACA borrowers, according to Kroll, which adjusted default and credit score assumptions in its ratings for this based in part on limits at the government-sponsored enterprises and the Federal Housing Administration."While lending to ITIN holders is fully permitted by law, mortgages to ITIN borrowers cannot be readily sold to the GSEs or insured by the FHA which limits credit availability to these borrowers and can reduce their ability to refinance," the rating agency wrote. "In addition, such borrowers may be subject to political risks affecting their ability to legally reside in the U.S."Non-QM mortgages are typically made to borrowers who want to use nontraditional means of proving their ability to repay which more typically includes income they generate as a contractor, small business owner or investor.

Looking to expand its operation on the East Coast, Next Level Education, a provider of continuing education for the mortgage industry, has acquired Summit Mortgage Training.Terms of the deal were not disclosed.Summit is headquartered in Hanover, New Jersey and in addition to its home state, operates in Pennsylvania and Florida.Andrea Gagliardi, who founded Summit eight years ago, has joined Next Level as director of content management.Why did Next Level Education buy Summit?Next Level, headquartered in Franklin, Tennessee, made this acquisition in order to accelerate its growth and expand its presence in, but not only on, the East Coast, said J.R. Huber, co-founder, CEO and president of the company."Acquiring Summit Mortgage Training was a deliberate and strategic move aligned with our national growth plan," Huber said in an emailed interview. "While NLE is a new player in the space, we are not thinking regionally — we are building a modern, technology-forward education platform designed to serve mortgage professionals across the country."Being in New Jersey and Pennsylvania gives Next Level a foothold in the Northeast, an area it was already looking to enter, Huber added.How the deal expands Next Level Education's footprintNext Level was in 41 states before the deal, primarily in the South and Midwest. It is pending approval in nine others, including New York and Massachusetts. The company offers training in all three delivery methods: in-person classroom sessions, live webinars, and self-paced online courses, said Huber."It was less about acquiring content and more about acquiring access — access to new markets, long-standing client relationships, and regional expertise that accelerates our growth strategy," Huber continued.Summit "also offers a strong customer base and local relationships that can now benefit from NLE's broader offerings," Huber said. It will be rebranded under the Next Level Education umbrella.How the deal adds to Next Level's offeringsAmong the expanded courses being offered by Next Level are: "Ninety Days to Impact!," a 13-week coaching program for new loan officers designed to increase organizations and referral sources; and "Mortgage Fundamentals," an introductory course on the mechanics of loan originations, the buyer's press release said."Our course catalog, development standards, and delivery models are being designed from the ground up to meet the needs of today's learners — wherever they are located and however they prefer to engage," said Huber. "The courses we're submitting represent NLE's commitment to raising the bar for mortgage education, incorporating modern design principles, updated regulatory content, and tools that support both learning and retention."The regulatory basis for mortgage originator educationIn 2008, Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act, establishing pre-licensing and continuing education requirements for mortgage originators.But those only applied to non-bank mortgage loan officers. Originators who work for a depository are exempt from the licensing requirements and only have to be registered in the Nationwide Multistate Licensing System. This was codified in a January 2013 Consumer Financial Protection Bureau rule.In Pres. Trump's first term, Congress passed transitional licensing in the regulatory relief bill for those switching from a depository to an independent mortgage bank.The vision of Huber and co-founder, chief operating officer and senior vice president Debbie Gadberry is to create a national thought leader."Beyond CE, we offer an expanding portfolio of professional development programs aimed at both new and experienced loan officers," Huber said. "We are also developing a next-generation Exam Prep suite that integrates adaptive learning, artificial intelligence-driven assessments, and interactive tools to support all learning styles."

Trustmark National Bank is enjoying an early exit from a consent order stemming from a Biden-era redlining investigation. The Jackson, Mississippi-based lender and servicer is free of the settlement with regulators 17 months early, following a federal judge's approval last week. The Department of Justice, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced the $5 million settlement with Trustmark in October 2021. They filed a motion to terminate that agreement last Tuesday. The update was first reported by Law360. The move is the latest deregulatory effort by the Trump administration, which has drastically pulled back enforcement actions initiated by its predecessors. The Trustmark case kicked off a spate of redlining prosecutions in the past three years by President Biden's DOJ and CFPB.Trustmark CEO Duane Dewey in a statement Thursday praised the move, which was approved quickly in a Tennessee federal court by U.S. District Judge Samuel H. Mays, a President George W. Bush appointee. "This dismissal, some 17 months early, is a result of Trustmark's substantial compliance and remediation efforts through extensive work by our team, and we look forward to moving forward," said Dewey.The depository counts 170 banking centers across the Southeast, and originated $1.4 billion in loan volume in 2024, according to recent earnings reports.What did Trustmark do?Regulators accused the $18 billion asset bank of discriminating against Black and Hispanic borrowers in Memphis between 2014 to 2018, and discouraging prospective minority applicants from applying for home loans. According to prosecutors, the bank then operated just 4 of its 25 full-time service branches in majority-minority Census tracts, despite half of the city's census tracts being majority-minority. Trustmark allegedly closed its sole limited-service branch in a majority-minority neighborhood, and avoided locating branches or hiring loan officers in those communities. The bank in signing the settlement denied the accusations. Feds recently said Trustmark was "substantially in compliance" with the terms of the agreement, including distributing $3.8 million in a loan subsidy fund to increase credit for minority mortgage applicants. The lender also paid a $5 million civil money penalty, of which $1 million went to the CFPB and the remaining $4 million to the OCC. Last week's 4-page filing didn't contain other details, but the bank was also required to spend hundreds of thousands of dollars on related financial services to majority-Black and Hispanic Census tracts across Memphis.The dismissal was signed by Joseph Murphy Jr., the interim U.S. Attorney for the district who was appointed by U.S. Attorney General Pam Bondi, and by attorneys with the DOJ's Civil Rights Division. CFPB Chief Legal Officer Mark Paoletta also agreed to the dismissal. The CFPB has been especially active lately in rescinding enforcement against mortgage lenders, dropping a few lawsuits in recent months and seeking to reverse a separate, already ruled-upon redlining settlement with another brokerage. Acting Director Russell Vought has also sought to block states from enforcing consumer protection laws.

The Federal Reserve and several industry groups have agreed to put their lawsuit over stress testing on pause, an outcome that gives all sides a reprieve without sacrificing their legal optionality.Late last week, the Fed joined the Bank Policy Institute, the American Bankers Association, the U.S. Chamber of Commerce and a pair of Ohio trade groups in filing a joint motion to stay the proceedings until Aug. 1.The motion was made with an eye toward ensuring the Fed's current effort to amend its stress-testing program — an initiative announced one day before the trade groups filed suit against the central bank in December — continues without interruption.In a statement, the BPI, the ABA and the other industry groups called the Fed's undertaking, which began in earnest last month with a proposal and request for public input, a "good-faith effort to align the stress testing regime with the law" by increasing accountability and transparency. The plaintiffs said the revisions could address all of their concerns with the annual safety-and-soundness exam.A Fed spokesperson declined to comment on the joint motion.As part of the motion, the Fed has agreed to disclose the models it uses in its stress tests  — and to seek comment on both the scenarios it uses each year as well as the models when material changes are made to them. The central bank pledged to issue another notice of proposed rulemaking spelling out the potential changes by Sept. 30.In their statement, the industry groups said the pause on litigation will ensure these steps are carried out faithfully."A stay of the litigation will allow the Federal Reserve to focus on implementing its commitments through the rulemaking process and delivering a more accurate and reliable framework for the next stress-testing cycle," the plaintiffs said in their statement. "We will continue to monitor progress and hope to arrive at an amicable solution that renews trust in this important piece of the regulatory capital framework."In their lawsuit, the bank groups accused the Fed of violating the Administrative Procedure Act in the way it used the annual stress tests to set capital standards for the nation's largest banks. They claimed that the stress capital buffer charge — the binding restraint for many banks with more than $100 billion of assets — is a regulatory charge and therefore the methods for determining it should be fully reviewable and subject to a notice-and-comment rulemaking process.The Fed, meanwhile, has found itself in the unusual position of both defending its stress-testing practices as legal — arguing that the bank-specific capital buffers are supervisory tools that are not subject to APA rulemaking requirements — while also claiming that they need to be changed.Along with saving time and resources, the mutually agreed-upon pause offers both sides in the lawsuit the chance to avoid a ruling that would set an unwanted precedent. In a blog post earlier this month, the BPI argued that the Fed's defense of its stress-testing regime, if endorsed by the courts, could empower the central bank to unilaterally enact a wide range of policy changes under the auspices of adjudication.Similarly, the Fed could lose its supervisory authorities should a court rule against it. Todd Phillips, a law professor at Georgia State University, said the central bank would rather voluntarily roll back its authorities than have them stripped away entirely."The Fed wants to legally preserve as much power as it can," Phillips said. "The Fed, as an institution, likes to amass power. They are happy to have that power, even if they are not using it."Phillips added that the Supreme Court's recent administrative law rulings have tended to shift discretion away from agencies in recent years. In light of this reality, he said, it benefits the Fed to prevent any court from weighing in on the legal limits of the central bank's supervisory authorities for as long as possible.The parties in the suit must decide by Aug. 1 whether to continue the stay, according to the motion. If they do not agree to do so — and if the plaintiffs do not drop the case — the suit will resume. The trade groups would have to file their second and final summary judgment brief that day, after which the Fed would have until Aug. 28 to respond.David Sewell, a partner with the law firm Freshfields, said the fact that a stay agreement was reached indicates that a broader agreement will be struck. The Fed likely sees the lawsuit potentially succeeding on its own merits, and also that the banks trust the Fed to address the areas in contention, he said. "It's only a temporary pause in the litigation, for now at least, but I suspect both sides see a reasonable prospect of reaching a lasting resolution," Sewell said.

The Trump administration wants to back off yet another mortgage-related lawsuit, aiming to exit a dispute between borrowers and Mr. Cooper over alleged servicing junk fees. The Consumer Financial Protection Bureau asked a judge to withdraw its amicus brief supporting plaintiffs challenging Mr. Cooper's $25 expedited payoff quote statements. In that brief filed last August, the regulator argued the charge violated the Fair Debt Collection Practices Act. In a two-page filing Friday, counsel for the bureau said the amicus brief was no longer valid as it conflicted with its recently withdrawn guidance. The rescinded guidance included an advisory opinion regarding pay-to-pay fees published in 2022 during the Biden administration. The CFPB said it's not looking to participate in the case any further and claimed attorneys for Mr. Cooper already consented to its motion. Plaintiffs did not consent, according to the filing, and reserve the right to respond. Attorneys for plaintiffs and Mr. Cooper didn't respond to immediate requests for comment Tuesday morning, while a spokesperson for Mr. Cooper cited a policy not to comment on ongoing litigation. The year-old "pay-to-pay" complaint, which refers to Mr. Cooper under its former Nationstar Mortgage brand, remains pending in a Washington federal court.What borrowers and Mr. Cooper are arguing aboutThree borrowers are suing the megaservicer for unjust enrichment and violation of state consumer laws over the $25 charges they incurred in 2022 and 2023. Mr. Cooper, which discloses the charge on its website, has contended throughout the case that the fee is lawful. The company in an April motion for summary judgment asked for an oral argument, and claimed plaintiffs have not identified any applicable laws barring Mr. Cooper from implementing the fee. The Truth in Lending Act only requires servicers to send a payoff statement within seven days of receiving a written request, and the expedited service option provides a value to consumers, counsel for the servicer said. "The fee isn't governed by Fair Debt Collection Practices Act or state analogues because delivering a payoff statement at a consumer's request is neither an attempt to collect a debt, nor must a consumer tender the payoff amount," attorneys wrote. Plaintiffs have characterized the charge as a "junk fee" and the case as a "pay-to-pay" dispute, an accusation that other consumers have levied against other home loan servicers. In a filing earlier this month, plaintiffs say the charge violates both the Real Estate Settlement Procedures Act and Maryland and Washington state laws that bar the fee not authorized by statute or the original mortgage contract. Counsel for plaintiffs also wrote that other servicers don't charge similar fees. The case is assigned to U.S. District Judge Barbara Jacobs Rothstein, who was appointed to the federal bench by former President Jimmy Carter and weeks ago ruled against the Trump administration in a separate housing-related case.How has the CFPB backed off on enforcement with mortgage lenders?The bureau under Acting Director Russell Vought has dismissed dozens of pending enforcement actions, including lawsuits against real estate players. The new-look CFPB has also terminated existing consent orders with financial institutions such as Wells Fargo, and recently a redlining consent order with Trustmark National Bank. Additionally, the regulator is seeking an unusual reversal of a past redlining settlement with Chicago-area brokerage Townstone Financial. A federal judge is currently weighing that proposal, which has been opposed by consumer groups. Friday's motion regarding Mr. Cooper was signed by CFPB attorneys including Chief Legal Officer Mark Paoletta. The bureau's legal head is a central player in the Trump administration's push to defang the agency via mass firings and an overall reduction in enforcement activity.

Bill Pulte, a key housing regulator, is poised to do something about high costs associated with credit metrics as two key legislators steer him away from one related move his predecessor considered."Still not happy with FICO. We should be making some decisions on all related items in next 1-3 weeks," Pulte said in an X post responding to an originator's concern about scores, echoing earlier statements about credit expenses expressed online and at a recent industry conference.The statement suggests Pulte, who is the conservator and regulator of influential loan buyers Fannie Mae and Freddie Mac as well as a board member for both entities, is looking for a way to adjust their requirements to promote efficiencies as they explore credit-modernization. Why some legislators don't want to reduce number of credit reports usedScore provider FICO has said in the past that its costs are a small part of the larger amount charged for credit reporting by three bureaus.Some legislators also have recently shown renewed concern about score costs. But one thing eight of them want is to avoid a reduction in the number of credit reports pulled, which was considered during the Biden era.Eight legislators sent a letter to Pulte Friday calling for him to preserve the requirement that lenders merge three credit reports when they submit loans to the enterprises rather than introducing an option to use two, which his predecessor Sandra Thompson said was "expected to reduce costs."Thompson had said research showed this could be done "without introducing additional risk to the enterprises," but the eight Republican legislators' letter took issue with this assertion."Under the previous administration, the agency has failed to solicit feedback and has disregarded requests to pursue such a significant change through a formal rulemaking process," the legislators said.Reps. Scott Fitzgerald, R-Wis.; Mike Flood, R-Neb.; Bill Huizenga, R-Mich.; Dan Mueser, R-Pa.; Barry Loudermilk, R-Ga.; Young Kim, R-Calif.; Troy Downing, R-Mont.; and Tim Moore, R-N.C., signed the letter.Why it could matter in an exit from conservatorshipThe three-report requirement is particularly important given the interest President Trump recently showed in exploring privatization of Fannie and Freddie as a potential source of revenue for the government, according to the legislators."Maintaining the tri-merge framework will help to ensure that both Fannie and Freddie's balance sheets are sound and the housing market is secure, paving the way for smooth and lasting transition from conservatorship," the congressmen said.Studies of whether a two-report option would be risky are mixed. A Standard & Poor's study found scores are similar whether from two or three bureaus, but Transunion said it could make several thousand dollars difference over the life of a loan and has suggested alternatives."The tri-merge credit report reflects the most accurate picture of a consumer's creditworthiness and is an essential driver of safety and soundness in the mortgage ecosystem," Transunion said in a statement released Monday.The Consumer Data Industry Association said in a separate statement that, "ultimately consumer credit reports represent a very small portion of overall closing costs" and play a role in lowering mortgage rates.

Altisource Portfolio Solutions is doing a reverse split of outstanding common stock, effective Wednesday May 28, to regain market listing compliance.The Luxembourg-based company, known as the former servicing platform provider for Ocwen (which recently rebranded to Onity) is listed on the Nasdaq Global Select Market.Why Altisource is doing a reverse splitOn Dec. 19, 2024, Altisource received a notice from Nasdaq stating the common stock no longer met the minimum bid price rule of $1 per share for 30 consecutive business days.The following day, Nasdaq sent a second notice that the market value of its common stock was below the minimum requirement of $15 million for continued listing.But an 8-k filing on March 14 said a new notification from Nasdaq said since the market value was $15 million or greater for the 10 business days from Feb. 19 to March 11, Altisource was back in compliance for this standard only.How Altisource plans to regain Nasdaq complianceAt its May 13 annual meeting, Altisource shareholders approved an eight-for-one reverse split in order to cure the share price deficiency by 59.6 million in favor and 194,992 against. The transaction will take place on May 28 when the market opens for trading.Fractional shares will not be issued as a result of the consolidation; instead, holders will be paid in cash based on the May 27 price.On May 23, Altisource Portfolio Services closed at 84.7 cents per share; at 11 a.m. on May 27, the price was just over 82 cents per share.In the first quarter, Altisource Portfolio Services lost $5.3 million, a 42% improvement over a loss of $9.2 million one year prior.Why Altisource Portfolio Solutions had to evolveThe company was forced to change its business model when a regulatory settlement in 2017 required Ocwen, which it had a shared history with including a common leading executive in William Erbey, to find a new mortgage servicing platform.It made the decision to switch to what was then Black Knight's MSP. In turn, this led Ocwen to acquire PHH.An earlier 2014 regulatory agreement forced Erbey out at Ocwen, although he later returned to head up another separate entity, Altisource Asset Management.Its boilerplate describes Altisource Portfolio Services "as an integrated service provider and marketplace for the real estate and mortgage industries."

Fed chair Jerome Powell has had no shortage of critics, not least being President Donald Trump.A month ago, there were even rumblings of Trump looking to oust Powell because he was “too late” on rate cuts.Now FHFA director Bill Pulte has joined in, saying enough was enough and that “Jay Powell needs to lower interest rates.”He argued that doing so would help the housing market and that’s there’s reason not to with inflation apparently behind us.The question is would it actually help mortgage rates, or would bond traders balk at a pressured rate cut?Pulte Asks for a Fed Rate Cut to Boost the Housing MarketFirst a very brief background. The Federal Reserve does not set mortgage rates, it merely can influence long-term interest rates by setting monetary policy.Even then, one could argue that the Fed simply makes policy moves based on underlying economic data, so it’s really the data that sets their policy.And at the same time, bond traders make moves based on the data too, so the 10-year bond yield will rise and fall based on what the data says.If the data shows inflation cooling, bond yields will fall and mortgage rates will too.If the data shows inflation heating up, bond yields and mortgage rates will rise.Demanding the Fed lower its federal funds rate wouldn’t do anything to help lower mortgage rates if the data didn’t warrant the move.Instead, you’d likely see yields (interest rates) go up or simply stand pat based on the economic data.Of course, Pulte tweeted that “President Trump has crushed Biden’s inflation, and there is no reason not to lower rates.”If that were true, the Fed likely would have cut at its last meeting in May and would likely be cutting again in June.Instead, there is a 97.8% chance of no change at the June meeting, per CME, and a 77.6% chance of nothing changing at the July meeting.Ironically, the Fed could be holding off because of the uncertainty created by the Trump administration in its first four months in office.But Economic Uncertainty Means Mortgage Rates Are StuckDespite economic data showing signs of cooling, which arguably could warrant a rate cut, the Fed is essentially handcuffed by the unknowns surrounding the tariffs and global trade war.In their latest policy statement, the Fed said, “Uncertainty about the economic outlook has increased further.”That stood out as one of the biggest changes to their typically benign FOMC statement.They added that “the risks of higher unemployment and higher inflation have risen.”In other words, the Fed acknowledged a heightened sense of uncertainty that could lead to another increase in inflation (and also higher unemployment).This makes it tricky for the Fed to make any sudden moves if they’re unsure how the tariffs will affect the economic data.If you haven’t been paying attention, President Trump seems to change his mind every week about tariffs.The latest flip-flop was a proposed 50% European Union tariff, which was then rolled back to allow for negotiations.How is the Fed able to make definitive policy decisions when they wake up to headlines like that?The answer is they’re not, and it’s not personal or political but rather just data-driven.Ultimately, not knowing what policies will be in force makes it even more difficult to make predictions about the economic trajectory.It’s already hard enough, and now we’ve got the tariff threats happening each week, several of which are now delayed with future unknown.As such, the 30-year fixed mortgage remains stuck around 7%, at a crucially important time no less, the spring home buying season.The Fed Can’t Cut Rates with So Many UnknownsBringing it all together, it’s essentially impossible for the Fed to cut rates right now, and might explain why the next cut has been pushed back to September or later.Even if the Fed cuts, the only direct impact is to home equity lines of credit (HELOCs), which use the prime rate as a benchmark.Mortgage rates are long-term interest rates, unlike the Fed’s short-term rates and prime, which is also a short-term rate.So the bond traders and mortgage-backed securities (MBS) traders will be the ones who ultimately set mortgage rates.If they see cooling inflation and rising unemployment, investors may make a risk-off trade, or flight to safety, and leave stocks while flocking to bonds.If bonds see more demand, their price goes up and their yield (interest rate falls). That helps mortgage rates move lower.And that’s basically the only way mortgage rates will move lower. The good news is this is expected to happen later on in the year, as inflation has significantly cooled.But there are some near-term headwinds including the tariffs, which could drive up inflation, and the big, beautiful bill, which could increase bond issuance and lead to lower prices (too much supply).Again, these are policy decisions driven by the current administration, and without them, one could argue that bond yields may have already been lower.And a Fed rate cut may have already transpired, likely after mortgage rates made a move lower.Read on: Is the Magic Number for Mortgage Rates Now Anything Close to 6%? 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)

Foreclosures and distressed mortgage volume came in higher from a year ago after recent servicing policy changes, while prepayments also accelerated last month despite ongoing volatility.Although still low historically, foreclosure filings, including starts, inventory and sales, all ended up higher on an annual basis for the second month in a row in April, according to the latest ICE Mortgage Technology First Look report. Foreclosed property sales saw the most transactions in over a year, hitting a 15-month peak, with approximately 6,500 recorded in April. The number rose 6.4% from the prior month's 6,400. Sales were also up 9.4% year over year. Properties originally financed by Department of Veterans Affairs-guaranteed loans were behind much of the recent surge, after a federal moratorium on distressed mortgages expired at the end of 2024 without a loss-mitigation replacement plan in place, ICE reported.  New foreclosure starts pulled back from March, but were also up 13% compared to April 2024 to approximately 29,000. Total pre-sale inventory sat at 209,000 units at the end of the month, making up 0.38% of the housing market. Although new loss-mitigation legislation for VA borrowers is currently making its way through Congress, some consumer advocates recently called for stronger measures to stem veteran foreclosures. Why mortgage prepayments surged last monthAs volatility marked interest rates during the month with markets digesting various Trump tariff announcements, mortgage prepayment speeds still managed to surge in April. Transactions accounted  for 0.71% of total loan volume, as the rate finished at its highest since October last year and increased from 59 basis points one month prior. April activity grew 19% from March and 34.9% from the same period in 2024 and were associated with higher refinance volume, the First Look report said. During the month, the 30-year fixed interest rate ranged from a low of 6.62% in the first half to 6.83%, falling off in the final weeks. More recently, debt negotiations have pushed mortgage rates higher, likely suppressing prepayment activity in May and June.Mortgage delinquency rate in April ticks upOverall, the national delinquency rate edged up to 3.22%, rising from 3.21% in March. Mortgages delinquent by 30 days or more but yet to reach the foreclosure stage grew to 1.75 million, with numbers up by 8,000 from the previous month and 94,000 a year ago. Loans in later stages of distress of 90 days or more also increased to 476,000, higher by 59,000 compared to April last year. April delinquencies rose on a year-over-year basis by 10% or more for six consecutive months, but the total pulled back by 18,000 from March as borrowers became current or began the foreclosure process. The Southern U.S. led the nation in the percentage of non-current loans, taking the top tree spots. Louisiana came in with a share of 7.6%, followed by Mississippi and Alabama at 7.4% and 5.5%, respectively.Meanwhile, Florida, which was hard hit by multiple hurricanes in the summer and fall of 2024, saw the fastest growth in non-current share, 12.1% higher compared to April last year. 

Home-price gains in the US slowed in March as listings climbed without a corresponding uptick in buyer demand.A national gauge of prices was up 3.4% from a year earlier, according to data from S&P CoreLogic Case-Shiller. That was smaller than the 4% annual increase in February.READ MORE: Mortgage rates keep rising, influenced by DC developmentsThe run-up in prices since the pandemic, and mortgage rates hovering near 7%, have squeezed affordability for house hunters, pushing many to the sidelines. At the same time, inventory is rising in many parts of the country. And with fewer eager buyers in the market, sellers are more willing to offer concessions.In areas where supplies remain tight, buyers are still getting dragged into bidding wars. Among 20 major cities, New York had the biggest annual price gain in March, at 8%. Prices were up 6.5% in Chicago and 5.9% in Cleveland. In places where prices fell, Tampa, Florida, had the largest decline, at 2.2%.While annual price growth continued to decelerate nationally, "the market experienced its strongest monthly gains so far in 2025," Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices, said in a statement. Eighteen of the 20 cities in the index had monthly increases before seasonal adjustment, signaling that price increases were widespread across the country."This divergence between slowing year-over-year appreciation and renewed spring momentum highlighted how the housing market shifted from mere resilience to a broader seasonal recovery," Godec said.