The jump in refinance business, and a shift from cash-out to rate-term transactions, changed the credit-risk profile for Fannie and Freddie in the fourth quarter.
Commercial banks and savings institutions reported another decline in the volume of mortgages they repurchased in the third quarter of 2024. PNC Bank accounted for the largest chunk of the bank industry’s repurchases, at 11.3%.
The correspondent channel’s share of originations increased for both conventional-conforming loans and nonconforming mortgages in the third quarter, according to a survey of lenders. Meanwhile, brokers gained share in the government-insured market. (Includes two data tables.)
Combined, banks and thrifts reported $2.21 billion in mortgage-banking income during the third quarter, a slight increase from the previous period. Through the first nine months of the year, industry earnings were up 8.7% from the same period in 2023. (Includes data table.)
Sales of mortgages by banks increased by 20.5% in the third quarter even as the top bank reduced its sales. Eight of the 10 top banks boosted their sales from the second quarter. (Includes two data tables.)
Six of the top 10 significant defects in loans acquired by Fannie Mae in the first quarter of this year weren’t on the list in the last quarter of 2023. Income calculation, though remained at the top of the list.
Banks and thrifts reported $44.54 billion in retail mortgage production in the second quarter, making it the strongest three-month period for bank retail lending since the third quarter of 2022. (Includes two data tables.)
Improving efficiency played a big role in boosting mortgage-banking profits in the second quarter as gain-on-sale margins narrowed while servicing took a hit on net MSR valuation. (Includes data table.)
One reason companies should formally adopt generative AI is that three-quarters of employees say they already use ChatGPT or one of its competitors in the workplace.
RSS