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CFPB reports ‘significant’ drop in mortgage applications, originations in 2023

Mortgage application and origination activity dropped by roughly one-third from 2022 to 2023 as high interest rates depressed broader industry activity. That’s according to Home Mortgage Disclosure Act (HMDA) data published by the Consumer Financial Protection Bureau (CFPB) in a report released Friday. The decline was sharper for refinances when compared with purchase loans, according…