As Refis Slow, Retail Production Reaches New Market Share Milestone; Brokers Hit New Low
August 15, 2013
Residential mortgage production remained fairly strong in the second quarter thanks to an increase in retail-channel originations, which reached an all-time high of 64.6 percent in market share, according to a new analysis and ranking by Inside Mortgage Finance. The surge in retail production appears largely tied to ongoing strength in refinance activity. But lenders that are turning their attention to the purchase-mortgage market should consider that correspondents (34.8 percent) and brokers (22.0 percent) had higher concentrations of purchase loans than retail producers (19.3 percent) during the second quarter, based on Fannie/Freddie activity. Wells Fargo, as usual, continued...[Includes five data charts]
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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