The origination boom has afforded mortgage bankers record volumes and profits but it has also created an unforeseen headache: underwriters asking for salaries of $150,00 or more. Plus signing bonuses.
Several top lenders reported declines in purchase-mortgage lending and increased refi activity in the second quarter. Agency MBS data suggest a modest recovery in July and August. (Includes four data charts.)
The purchase-mortgage share of loans sold to Fannie, Freddie and Ginnie gained slightly in August, and there was some rebound in correspondent activity.
Is Bill Foley, the 75-year-old non-executive chairman of title insurance giant Fidelity National, pondering retirement? Don't bet on it. He's shaking the mortgage vendor M&A tree big time.
Although the share of loans four or more payments past due continued to climb in July, total delinquencies and early-stage default rates were lower. (Includes data chart.)
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