Mr. Cooper Group and PennyMac Financial Services dominated the small group of publicly traded nonbank mortgage lenders with $525 million in net mortgage banking income for the fourth quarter. (Includes data chart.)
Most of the banking sector's 1% drop in servicing for others is attributable to declining balances at Wells Fargo and JPMorgan Chase. (Includes data chart.)
Although secondary market sales by bank mortgage banking platforms were down 8% in the fourth quarter, it still ranked as one of the busiest periods since early 2013. (Includes two data charts.)
Prior to the 2008 housing crisis, the supply of new housing units dipped below 1.25 million only once, in 1982. Following the crisis, the supply didn’t rise above 1.25 million until 2017.
Sales to Fannie and Freddie of refinance loans with private MI coverage rose 61.8% from the third to the fourth quarter last year. But the VA program remained the most refi-intensive sector.
A new reading on mortgage employment from the federal government was barely positive but interviews conducted by Inside Mortgage Trends suggests that plenty of lenders need workers.
A study by Zillow Research predicts that over the next two decades, more than a quarter of the nation’s currently owner-occupied homes are likely to hit the market. Places to feel the most impact will include retirement hubs.
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