Mortgage originations down at big banks in second quarter; Better does worse in first quarter; loanDepot downsizing; foreclosure activity ramping up; MISMO remains busy.

FHA has extended appraisal validity periods, in some cases up to a year, to align more closely with standards at the GSEs and VA.

Lagging data aggregated from counties provides some new insight into trends in jumbo originations in the first quarter of 2022.

Fix-and-flip lending recovered in 2021 from a pandemic-led slowdown the previous year. Originations of short-term loans shot up nearly 75% on an annual basis. (Includes data chart.)

Document automation led to an increase in non-QM lending and savings for theLender, according to a new case study by GoDocs.

The broker share of conventional-conforming mortgages declined on a sequential basis to 20.3% in the first quarter of this year, according to surveys of various lenders. (Includes two data charts.)

Rate locks for purchase mortgages declined from April to May. Numerous factors are depressing demand for the loans: higher interest rates, accelerating home prices and inflation.

No channel was immune to the downturn in jumbo originations in the first quarter of 2022, but the retail channel suffered the least. There were also wide variations at the lender level in originations trends. (Includes data chart.)

Originations of adjustable-rate mortgages declined in the first quarter of 2022, but at a slower rate than the downturn in total first-lien production. ARMs accounted for 7.9% of total originations during the quarter. (Includes data chart.)

Spreads on expanded-credit MBS issuance have widened significantly this year as lenders sell mortgages originated prior to the runup in interest rates. Issuance has slowed but market participants are optimistic in the long term.