Home Point, which once boasted a workforce of several thousand, soon will be down to a skeleton crew of 60 or so. Chances are, it will sell its servicing portfolio and call it a day. But it may not be alone on that score.
Both Fannie and Freddie made significant strides in meeting the objectives laid out in their 2022 equitable housing finance plans, according to progress reports released by the enterprises.
Mortgage rates are starting to come down a bit, but the first quarter of the new year was a challenge for most. The worst of it, hands down, was January, with February seemingly brighter.
Federal banking regulators can take actions to address issues among regional banks without legislation from Congress, the Biden administration said in a statement. Bank trade groups asked for a wait-and-see approach.
The updated UAD is supposed to improve the accuracy and efficiency of the appraisal process, but lenders worry it will add significant costs to the mortgage process.
Don’t like the bids you received for your mortgage company in a tough market? Maybe the easiest (and safest) thing to do is self-liquidate and keep the cash that was on the balance sheet.
Home-equity originations declined 14.7% from the third to the fourth quarter. But compared to 2021, the sector was glowing with a 49.1% spike in originations in 2022. (Includes three data charts.)
First Republic Bank’s share price declined even after 11 big banks deposited $30 billion into the institution in a show of support. Western Alliance Bank has fared better, without coordinated support from other banks.
The failures of Silicon Valley Bank and Signature Bank have put much of the banking system on shaky ground. Lenders with similar balance sheets that are more heavily involved in the mortgage market are under scrutiny.
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