FHFA Director Sandra Thompson said critics of the new schedule of upfront fees for loans backed by Fannie Mae and Freddie Mac misunderstand the nature and purpose of the price changes.
First Republic Bank has set its sights on cleaning up its balance sheet and originating loans for sale to the secondary market, which may be easier said than done.
CFPB raises concerns about algorithms in the mortgage industry; share of borrowers buying points increased in 2022; recession coming, though home prices won’t go down as much as initially expected.
U.S. Bank surpassed JPMorgan Chase and Wells Fargo in terms of mortgage originations in the first quarter of 2023. Profit margins also seem to be improving.
2022 was a tough year for lenders, servicers and others who make their living off of residential mortgages, which usually means lower pay for senior staff. But a review of early proxy filers revealed a few CEOs got nice raises.
Mortgage industry participants said Fannie should make public a list of condo projects that are ineligible for sale to the enterprise. Fannie said lenders have other financing outlets, including holding the loans in portfolio.
Based on recently released HMDA data, first-lien originations in 2022 totaled an estimated $2.325 trillion, down 47.6% from the previous year. (Includes two data charts.)
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