Almost across the board, conventional and government lenders took it on the chin in terms of originations last year, but two of the largest producers of non-qualified mortgages — the Angel Oak family of companies and Citadel Servicing Corp. — excelled.
The New York Department of Financial Services last week rejected Fidelity National Financial’s application to acquire control of Stewart Information Services’ NY-based title insurance company.
BB&T Corp. and SunTrust Banks late in the week unveiled plans to merge in a deal valued at $66.0 billion, one that will create, pro forma, the nation’s ninth-largest home originator as well as the ninth-largest servicer.
The California-based lender worked out an arrangement to take over 14 branch offices from RPM Mortgage, most of them in New Hampshire, and pick up about $650 million in annual lending capacity.
“We’re in a very challenging and turbulent time,” says a top mortgage consultant who predicts an intense period of industry consolidation through 2019 and perhaps beyond.
Moves by the Trump administration are disrupting the economy and the federal agencies that deal with the housing market. Bob Broeksmit, president and CEO of the MBA, isn’t sure how it’s all going to play out.
The 10-year Treasury rate is declining and the possibility of a recession is growing.
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