At an investor conference in New York this week, officials from Wells Fargo predicted that residential originations at the bank will fall 30 percent this quarter on a sequential basis.
Look for an update late Thursday on the sale of Cole Taylor Mortgage. Meanwhile, does anyone care that credit unions are holding 30-year jumbo mortgages in portfolio?
As reported by IMFnews late last week, Stewart Title is buying Allonhill, a due diligence firm based in Denver. Meanwhile, look for billions of dollars in NPL sales soon.
Many mortgage firms are hoping that a huge surge in purchase-money deals will compensate greatly for the declining refi market and that layoffs at their shops will be avoided.