Lenders and servicers have made significant investments in recapture capabilities in recent years for when interest rates decline and refinancing takes flight.
Certain mortgage companies are starting to feel bullish about lower interest rates, predicting better times ahead and more hiring by lenders. So far this year, personnel counts at nonbank mortgage companies have been weak, in aggregate, but loan brokers are adding to their ranks.
Senate fails to move tax bill, which included changes to LIHTC; GSEs, FHA extend compliance deadline for ROV requirements; Treasury pushes FHLBanks on affordable housing; Morningstar concerned that market sell-off will become a self-fulfilling prophecy; loanDepot sets money aside for settlement related to a cyberattack.
Some lenders are ramping up hiring in anticipation of a cut in interest rates later this year. However, some observers don’t believe a rate cut will boost originations enough to warrant rising headcounts.
Mortgage production at the midway point was up a scant 4.1% compared with the first half of 2023. Originations increased sharply on a sequential basis in the second quarter due to a seasonal trend. (Includes two data tables.)
Interest rates on mortgages declined in May and June but demand for purchase mortgages remained constrained. Industry participants aren’t optimistic that production will pick up much through the rest of the year.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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