Cyberattack will cost loanDepot at least $12 million; average borrower has nearly $300,000 in home equity; home prices overvalued across the country; MSR gain some value; new servicing platform from Sagent; MCT offers TBA pricing indicators; lender launches real estate platform.
FDIC call-report data show mortgage banking income at banks and thrifts declined by a quarter sequentially, although full-year profits dropped by just 4%. Chase was easily the most profitable bank in the mortgage sector. (Includes data table.)
The company estimates mortgage technology segment revenue growth in the low to mid-single-digit range this year. The segment boosted revenue by 17% in 2023.
Declining MSR valuations created problems for bank mortgage operations in the fourth quarter, along with a slowdown in loan originations and sales. (Includes data table.)
Citizens Bank left the wholesale channel amid weak margins; Mr. Cooper’s cyberattack recovery includes large expenses for borrower services; new leader at broker group; Consolidated Analytics acquires Real Info; customer relationship management tool with artificial intelligence for loan officers.
Earnings ticked up in the third quarter, with some large banks posting significant increases in income. Loan sales and markups in mortgage servicing rights played a role in the improved profits.
Blend paid down a portion of a term loan and extended the loan; Capital City Bank faces material weakness in internal controls; Associated Bank adjusts portfolio lending strategy; First American fined for cybersecurity breach; MISMO launches eVault standards; new tech platform for brokers.
Guild’s originations unit swung to profitability in the third quarter even as originations declined. Leaders of the nonbank said strong demand from correspondent buyers prompted changes in models used for calculating the value of lock commitments and mortgages held for sale.
Most nonbank mortgage lenders saw solid earnings gains from the second to the third quarter, although a few still struggled. Homebuilder affiliates as a group were more profitable in the first nine months of 2023 than they were last year. (Includes data table.)
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