The founder of Rocket Companies could see $571.9 million in tax benefits triggered by the company’s planned acquisition of Mr. Cooper; legislation in the House would set standards for remote online notarization; new company offering NMLS-approved education.
Better is touting investments in artificial intelligence to help slash costs tied to originating refis. The lender is also building a distributed retail operation to increase production of purchase mortgages.
Mortgage-banking income reported by nonbank lenders nearly tripled in the fourth quarter to $3.86 billion. The gain came from massive markups of MSR values thanks to rising interest rates. (Includes data table.)
After achieving profitability in the third quarter, loanDepot returned to the red in the fourth quarter. And the CEO brought on to turn the nonbank’s fortunes around three years ago is departing, with company founder Anthony Hsieh taking a larger role.
When Rocket’s acquisition of Redfin could pay off; PennyMac sponsoring Team USA at Olympics; TransUnion brings on verification tool from Truework; Eastside Distilling now Beeline Holdings, a mortgage company.
The industry’s most profitable mortgage-banking business during the fourth quarter was operated by Truist Bank. Meanwhile, TD Bank reported a huge $911.2 million loss related to the sale of mortgage loans. (Includes data table.)
Homebuilders with lending units continue to prop up home sales by offering mortgage buydowns. The tactic cuts into homebuilders’ margins but many company officials prefer lower margins rather than unsold inventory.
It might be said that Mr. Cooper has timed the servicing market perfectly. While other shops grow tired of the vicissitudes of interest rates and MSR marks, Mr. Cooper has pounced, gobbling up portfolios that have only grown in value as rates stay stubbornly high.
Northpointe Bank could raise upwards of $200 million via an initial public offering. The bank said the IPO could help to double its warehouse lending business and increase production of a unique non-agency mortgage.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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