The industry got no help from perennial leader Wells Fargo, but banks still posted their strongest quarterly income from mortgage banking in five years. (Includes data chart.)
Two Harbors and Front Yard recently terminated their partnerships with their respective external managers. However, Two Harbors’ refusal to pay a termination fee has landed the REIT in court.
PennyMac continued to lead nonbanks in profitability, generating a hefty $475.7 million in net income on its mortgage banking operations for the second quarter. Mr Cooper bounced back from a first-quarter loss while New Residential made strides toward recovery. (Includes data chart.)
The second quarter of 2020 generated the strongest profits from mortgage banking that the banking industry has seen in years. MSR accounting issues were a drag, but production volume and margins soared. (Includes data chart.)
On Thursday, Rocket Companies, the parent of Quicken Loans, will debut on the NYSE. If warmly received, the mortgage IPO could pave the way for other deals.
The parent company of Quicken Loans splurged $905 million on marketing last year, helping the nonbank become the second largest mortgage lender. The firm is now ready to launch an IPO.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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