Declining origination volume and narrower secondary market margins squeezed mortgage production income during the second quarter of 2013, but servicing income continued to improve, according to the Mortgage Bankers Association. The average firm participating in the MBAs quarterly performance survey reported pretax income of $3.068 million during the second quarter. That was down 16.0 percent from the first three months of the year and the lowest quarterly profit since the first quarter of 2012 ...
The refinance market may have largely spent itself for now, but the future of the purchase-mortgage market looks bright and the path to success in that space is mobile technology, according to a leading industry executive. The mother of all purchase markets is brewing, said Bill Dallas, CEO of Skyline Home Loans, during a webinar sponsored by Inside Mortgage Finance this week. The market is coming off a purchase bottom and is ready for a shift to purchase. The Mortgage Bankers Association projects that ...
Thanks to declining refinance activity, the long-awaited slowdown in originations is finally here with mortgage professionals starting to worry about their jobs. For now, it appears that most of the employment losses at least those at the megabanks have come in the area of back office workers, including loan processors and underwriters. But servicing and due diligence-related positions also have been cut because of improving loan quality. Mortgage banking firms shed 1,200 positions ...
IBM announced last week that it is offering a digital loan-processing platform that will allow borrowers to engage in the loan application process via a smartphone or tablet. Eric Ray, a general manager of IBMs financial services sector, said the IBM Digital Loan Platform will help lenders connect with borrowers. We believe delivering a transformational customer experience will differentiate future mortgage leaders from the pack, he said. By partnering with IBM, lenders can out-maneuver ...
Large parts of the Bay Area and Southern California qualify for the top high-cost limit, while other California markets such as San Diego ($546,250) and Sacramento ($474,950) have intermediate high-cost limits.
CFPB director Richard Cordray could be softening somewhat in response to the mortgage industrys plea for regulatory enforcement relief when the new rules take effect in January.
The letter to members of Congress is notable for which trade groups didn't sign on, including the American Bankers Association and Mortgage Bankers Association.