Fitch revised its outlook for Provident Funding Associates to negative due to competition in the wholesale channel but upgraded its rating of UMM’s unsecured debt. MISMO is seeking comments on tech that would help obtain MI quotes.
Mortgage bankers continue to search for new talent, particularly in the non-QM sector. However, the overall mortgage employment reading declined recently. An aberration or something else?
Banks reported a 10% drop in retail originations through their mortgage banking operations in the second quarter. Loan sales also declined and likely continued to in the third quarter. (Includes two data charts.)
Incenter Appraisal Management launched a remote appraisal service, United Wholesale Mortgage is allowing brokers to bypass appraisal management companies and Fannie Mae is looking to reduce appraisal bias.
Lenders reported measurable declines in income from originations and secondary market as production volume fell and per-loan costs rose. MSR valuations hit servicing hard. (Includes data chart.)
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