There is some evidence that production was less efficient in the third quarter, but profitability was up anyway. Servicing income was clearly stronger. (Includes data chart.)
Low-income first-time homebuyers face higher closing costs than others receiving purchase mortgages, according to economists at Fannie Mae. The GSE is suggesting changes that could fix some of that.
An appraisal company failed to note that improvements to a refinanced property happened to encroach on neighboring land, but the lender, First Community Mortgage, couldn’t pin losses on the appraiser.
Foreclosures are down, but forbearance is up. Industry analysts have some theories as to why homeowners aren’t selling, but motivations remain somewhat unclear.
Mortgage originators in disaster-prone areas should monitor the trends that could lead to a sustained rise in property insurance premiums, according to advisory firm SitusAMC.
Start-up mortgage lender Beeline completes Series A funding; HouseCanary publishes report defending its AVM; DC attorney general introduces legislation aimed at the use of algorithms by companies in the housing sector; LoanLogics acquires LoanBeam.
Mortgage banking income appeared to benefit from both rising gains on sale and stronger net servicing income. The top three banks reported lower earnings from mortgage banking.
Black Knight increased its earnings in the third quarter of 2021 compared with the prior quarter while Blend Labs took a loss after earning a small profit in the second quarter.
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