Purchase mortgages and refis increased across the board in the agency MBS market in the third quarter, with the strongest growth seen in refis that carried primary mortgage insurance. (Includes three data tables.)
The refi boom fizzled in recent weeks as mortgage rates increased. Now it’s a waiting game for lenders and borrowers, with rates expected to go down, eventually.
TD Bank plans to sell some of its jumbo mortgages and a correspondent business to free up asset space under a new cap set by the OCC. Wells Fargo, meanwhile, appears to be nearing a release from its cap.
With originations increasing, should mortgage lenders add workers or get by with what they have and pay overtime? Mortgage-banking employment is actually down compared to January.
Interest rates on mortgages increased in the past week even though the Fed is on a path to cut rates further. The movements are a reminder that mortgage interest rates don’t necessarily move in tandem with the Fed.
Institutional investors are buying stock and debt instruments of selected companies. Some debt issuances are north of par. Now, if only mortgage rates would cooperate.
Loan officers are increasingly offering clients buy-before-you-sell products to help them beat contingencies issues, according to HomeLight, a provider of buy-before-you-sell products.
Although the origination tally for the third quarter won’t be ready for a few weeks, it feels like it was the best of the year. And some CEOs think the fourth quarter could be even better.
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