Mr. Cooper posted a respectable profit for the third quarter, but challenges remain. Behind the scenes, this top-10-ranked shop has been both buying and selling bulk mortgage servicing rights.
In a few weeks, the nation’s nonbanks will begin disclosing third-quarter results. Based on what depositories have been reporting so far, the nonbanks had a trying time of it in the origination market. Surprised?
It’s been tough sledding for Finance of America this year but it has plenty of company. Then again, the shop is under extra scrutiny since it was once the property of The Blackstone Group.
A top executive in Truist’s mortgage department is moving on. Meanwhile, insiders at loanDepot keep selling shares. In a few weeks, the nonbank will release 3Q results. Should we read something into the selling?
Repo lines, a type of warehouse financing, are being trimmed left and right these days as originators move to save money. A surprise? Not exactly, but it seems the filers are proliferating.
After a couple of years where annual home price growth averaged 20%, analysts expect prices to flatten or even decline. And it’s possible the conforming loan limit set for 2023 will remain in place for all of 2024.
In yet another cost-cutting move, loanDepot is halting 401(k) matches while some of its top brass will get raises. Meanwhile, is there relief on the way for low-balance mortgages? HUD is trying to lend a helping hand.
Home-equity originations rose sharply in the second quarter as robust housing value growth and soaring interest rates formed a perfect environment for tapping equity by way of second-lien mortgages. (Includes three data charts.)
Among the corrections currently sweeping the industry is the salary demands of loan underwriters. Executives say some can be had for half of what they earned during the boom.
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