HPS Investments, which owns nonprime originator/servicer Acra Lending and more, is toying with an IPO. Acra is a small part of what HPS owns, but it would open up the lender to public disclosures.
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.
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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