Mortgage companies waiting for the market to improve; some high marks on MSRs; Ishbia ready to dedicate more time to UWM; Equifax offers expanded credit reports; House approves bill to set minimum federal standards for remote online notarization; Better launches mortgage product for Amazon employees.
The industry goliaths reported huge declines in earnings from their mortgage banking operations in the fourth quarter, driving the sector to its weakest profits in more than a decade. (Includes data chart.)
Looking to cut costs, mortgage lenders are planning to reduce the amount of money spent on technology. That might not be the best choice, given that originations will bounce back, eventually.
NYCB closes Flagstar’s non-bank branches; FHA offers new incentives for servicers; home prices decline again in November; MBA writes to FHFA on the cost of doing business with the GSEs; new products aimed at newly-constructed homes; MISMO offers loan limit tool.
Last year was a barn-burner for MSR sales. But so many nonbanks need to sell this year that too much supply has resulted in weaker pricing. What’s a mortgage banker to do?
Officials at the bank suggest Wells won’t take much of a hit from the loss of correspondent production. And profitability on the servicing side is expected to improve as the portfolio shrinks.
Both Moody’s and Fitch expect a recession in 2023. But, unless conditions change markedly, they predict the impact on the housing market will be limited on a national basis.
Servicing became less profitable for many lenders in the third quarter, and it was pressed to cover further deterioration in loan originations and secondary market. (Includes data chart.)
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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