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.
The Mortgage Bankers Association barely turned a “profit” last year even though originators had a banner year. If you’re guessing the reason for the performance is COVID, move to the head of the class.
Hearings in Congress with the CEOs of seven megabanks stretched for more than nine hours across two days. The executives touted mortgage programs for minorities and listed their regulatory concerns.
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