Banks and thrifts increased their holdings of mortgages they intend to sell by nearly 10% during the second quarter. Both originations and loan sales increased during the quarter. (Includes two data charts.)
California had more than double the amount of originations by nonbanks in 2022 compared with any other state. The refi share of originations by nonbanks in California was also elevated. (Includes data chart.)
Overall, mortgage-banking income at banks increased by 8.7% from the first to the second quarter, though income declined at several top banks. (Includes data chart.)
Artificial intelligence can cut down on “stare and compare” tasks. But mortgage originations are so complex, and anxiety-provoking for borrowers, that humans are essential.
The volume of mortgages classified as held for sale at banks and thrifts ticked up in the first quarter, ending a long decline. Loan sales by banks also outpaced originations of mortgages intended for sale. (Includes two data charts.)
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.)
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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