JPMorgan Chase reported a $44 million increase in mortgage-banking income during the third quarter of 2024. Twenty-five other publicly traded banks boosted their combined mortgage banking earnings by $13 million. (Includes data table.)
Investments in technology are helping Mr. Cooper reduce its servicing costs and allowing the industry’s largest servicer to place competitive bids on servicing portfolios.
A court recently ruled that the fall in Rocket’s stock price following the release of first-quarter 2021 earnings was driven by substantive disclosures rather than public statements by the company’s CEO.
Outsourcing underwriting tasks to offshore contractors can help reduce production costs for mortgage lenders, according to an executive at Verity Global Solutions.
Improving efficiency played a big role in boosting mortgage-banking profits in the second quarter as gain-on-sale margins narrowed while servicing took a hit on net MSR valuation. (Includes data table.)
With interest rates on mortgages set to come down, some lenders are looking to quickly adopt tech to help with originations. Blend Labs is seeing lenders use more of the tech vendor’s products and an automated refi offering is on the way.
Remote work increases for mortgage fulfillment; MISMO offers reference materials for ESG data; lenders frustrated with tech vendors; ICE updates Encompass; tech firms offer loan audits with AI.
Rocket is turning profits again after taking a loss in 2023. Now the lender is working to regain the market share it lost, using various strategies for both purchase mortgages and refinances.