Bank call-report data show a huge drop in mortgage banking income from the first to the second quarter, but several top banks reported big gains. (Includes data chart.)
When an industry thrives, its chief trade organization usually thrives as well. But not in FY20, when COVID-19 and accounting entries from the year before nicked MBA’s bottom line.
It was thought that higher capital requirements proposed on Ginnie Mae issuers would ding valuations of the MSR asset. But so far, that hasn’t happened. Credit: strong demand and declining forbearance ratios.
Rocket is offering residential solar financing and installation services while New Residential is set to launch an operating company focused on single-family rentals.
Offshoring certain functions involved with originations or servicing can generate cost savings of 25% and beyond. Still, there are risks involved with the practice.
Only two of 21 banks reported increased income from mortgage banking during the second quarter, both due to improvement on the servicing side of the business. (Includes data chart.)
Income fell at four nonbanks in the second quarter, though performance was far from uniform. loanDepot’s profits dropped 94% compared with the previous quarter.
With refi lending expected to wane, lenders are planning to create a faster, more efficient experience for borrowers, according to a new study from Fannie Mae.
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