There is some evidence that production was less efficient in the third quarter, but profitability was up anyway. Servicing income was clearly stronger. (Includes data chart.)
Low-income first-time homebuyers face higher closing costs than others receiving purchase mortgages, according to economists at Fannie Mae. The GSE is suggesting changes that could fix some of that.
Pentagon Federal Credit Union, commonly known as PenFed, has entered the arena of lending money to nonbank primary market originators. Details? So far, there are few.
With interest rates on the rise, refinance volume is expected to drop in 2022. Purchase-mortgage lending could hit a record level, but it won’t fully offset the loss in refis, putting pressure on margins.
Local concentration of mortgage lending may not raise interest rates, but it does increase fees and points, especially for low-income and minority borrowers.
Less than 30% of younger recent homebuyers report feeling that mortgage lenders are “trustworthy and reliable.” Millennials and Generation Z also are heavily reliant on the internet to fill gaps in financial education.
UWM accepted six mortgage payments with cryptocurrency before ending the pilot program; closing costs increased in the first half of 2021; Fannie strengthened underwriting standards for condos and co-ops.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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