Originations were down in the first quarter, but gain-on-sale margins improved. Having a hand in the servicing business helped some firms turn a profit.
Denial rates on applications for purchase mortgages in the conventional-conforming market held steady in 2022, while refi rejections jumped as interest rates increased during the year, according to HMDA data. (Includes data chart.)
Correspondent sales in 2022 declined by nearly 50%, in line with total originations. Among the top correspondent sellers, trends varied, based on an analysis of HMDA data. (Includes data chart.)
Private mortgage insurers gained market share in the agency purchase market during the first quarter, even as securitization of insured mortgages declined. (Includes two data charts.)
Loans sales by banks and thrifts outpaced originations of mortgages marked for sale for the third consecutive year in 2022. The sales boom looks to be coming to an end as loans held for sale dwindle. (Includes two data charts.)
Mortgage repurchases by banks declined by 27% during the fourth quarter. Reserves tied to repurchases increased, suggesting that mortgage buybacks could go back up in 2023. (Includes data chart.)
A handful of homebuilder mortgage-banking operations helped improve an otherwise dreary fourth quarter for nonbank lenders. However, four companies have not posted year-end results. (Includes data chart.)
The FHFA's National Mortgage Database offers interesting comparisons between the GSE market and conventional-conforming loans that are funded elsewhere. (Includes data chart.)
The industry goliaths reported huge declines in earnings from their mortgage banking operations in the fourth quarter, driving the sector to its weakest profits in more than a decade. (Includes data chart.)
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