Purchase applications slowed to their lowest level since May as economic worries dampened activity, the Mortgage Bankers Association said. 

The FICO alternative is expected to greatly expand the number of eligible borrowers by allowing rent and utility payments to count toward a credit score. 

Purchase applications hit their highest level since February 2023. 

The Mortgage Bankers Association said the post-Memorial Day increase came despite economic uncertainty and largely static interest rates. 

The most recent Weekly Mortgage Applications Survey shows homebuyer activity continued despite the economic uncertainty. 

The average 30-year mortgage saw its contract interest rate jump to 6.90% from 6.81% the week before, the Mortgage Bankers Association said. 

The acquisition of the mortgage servicer comes on the heels of Rocket’s $1.75 billion deal for Redfin. 

The funding is available for homes located in the bank’s district, which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and Washington, D.C. 

The developers recently secured a $42.74 million construction-completion loan for the first phase of project, which is leasing up. 

Beaudoin comes to the Chicago-based lender from Affinity Home Lending. 

The construction financing was provided by The Piedmont Bank. 

Lendistry Home Loans will offer conventional purchase and refinance loans, as well as loans for non-traditional borrowers. 

For-profit and nonprofit developers may apply for up to $1 million per affordable-housing project beginning June 27. 

Mata previously served as area sales manager for Acopia Home Loans. 

The NAHB/Wells Fargo Housing Market Index (HMI) rose seven points to 44, its second monthly increase in a row. 

Allison most recently served as southeast division vice president at New American Funding.