Refinance lending ended 2024 on a high note as interest rates on mortgages declined in the second half of the year. The purchase-mortgage market saw little growth, most of it driven by first-time homebuyer activity.
The lending affiliate of the Onity Group paused its non-agency operations in Maryland as a new state regulation requires all parties involved in the mortgage lending process to be a licensed mortgage lender.
Cyberattacks against mortgage companies are a growing concern. Insurance can cover some of the financial losses, but premiums are spiraling out of control, some executives report.
WaFd and Ally recently threw in the mortgage towel just as mortgage demand from borrowers is expected to improve and the Trump administration is likely to ease rules for banks.
Originations of first liens increased slightly in the fourth quarter. For the full year, production was up nearly 15% compared with 2023 as lower interest rates helped to boost lending. (Includes two data tables.)
For hours, it was unclear whether a White House memo freezing federal funding would impact mortgage programs. In the meantime, government agencies announced that their single-family mortgage programs were unaffected by the planned funding pause.
The Section 199A deduction for pass-through entities is set to expire at the end of this year. The Mortgage Bankers Association is pushing for an extension, which appears likely. The question is how Congress will pay for massive tax breaks.
The warehouse lending business remains profitable, but that doesn’t mean the sector is without challenges. There’s been two recent exits, but on the plus-side, the nation’s ninth-largest warehouse shop has filed for an initial public offering with plans to quickly double its business.
Bill Pulte, Trump’s choice to run the FHFA, is a scion of a homebuilding industry giant, but his background is mostly in private equity and philanthropy.
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