Critics argue the new second mortgage program is another attempt by Freddie Mac to expand its footprint. But GSE insiders say it’s already allowed under its charter.
United Wholesale Mortgage was the largest lender in 2023. Only 19 of the top 100 lenders increased their production during the year. (Includes data table.)
VA Secretary Denis McDonough pledged to be transparent with lawmakers on the new VA loss-mitigation program. He said congressional oversight will strengthen performance of the program.
Mortgage rates are higher than economists expected them to be because inflation and other data are coming in at unexpected levels. The missed projections aren’t surprising, according to Chase’s Jamie Dimon.
The use of discount points to lower mortgage rates has jumped in recent years as interest rates continued to climb. But the benefit of the points for the borrower is unclear, the CFPB said in a report.
The Mortgage Bankers Association and the Community Home Lenders of America are on opposite sides of the debate about allowing the GSEs to waive the requirement for lender’s title insurance.
Waiting for the Federal Reserve to cut interest rates is a bit like waiting for Godot. It seems as though a cut in rates may never come. Still, there is some improvement in volumes and margins in the non-QM sector.
A dip in United Wholesale Mortgage stock last week, driven by a report from a hedge fund that shorted the nonbank, has raised awareness on the number of mortgage companies that are being shorted.
These are trying times for most home lenders, thanks to a weak origination market. What to do? Keep trimming staff or tough it out? Meanwhile, some experts believe executives should start cutting their own pay.
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