Mortgage bankers far and wide are trimming employees as interest rates continue to rise and refinance wane. But industry employment figures look benign. How can that be?
With interest rates starting to rise, production income took a hit in the fourth quarter of 2021. While servicing income increased, the mortgage business was less profitable. (Includes data chart.)
Millennials who remain thwarted from purchasing primary residences in expensive urban markets are turning to vacation homes to build home equity. Meanwhile, signs point to an overall slowdown in demand for such properties.
The share of mortgages closed with hybrid tech is declining. Still, analysts suggest that lenders would be wise to digitize their closings before volume drops are fully realized.
Negative outlook for margins; number of foreclosure starts declined in February; MBA launches affordability index; MISMO seeks participants and input on new initiatives.
Banks and thrifts reported a 10.6% sequential increase in the volume of mortgages they repurchased in the fourth quarter of 2021. But for the full year, buybacks trended down. (Includes data chart.)
Finance of America had more than $1 billion of goodwill at the end of September. In the fourth quarter, the company determined its stock price was too low to recognize the benefit, prompting a massive loss.
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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