The industry’s most profitable mortgage-banking business during the fourth quarter was operated by Truist Bank. Meanwhile, TD Bank reported a huge $911.2 million loss related to the sale of mortgage loans. (Includes data table.)
Homebuilders with lending units continue to prop up home sales by offering mortgage buydowns. The tactic cuts into homebuilders’ margins but many company officials prefer lower margins rather than unsold inventory.
While banks’ servicing-for-others balance declined in the fourth quarter of 2024, the industry put a higher valuation on the asset. Top-ranked JPMorgan Chase and Wells Fargo continued to reduce their portfolios. (Includes data table.)
It might be said that Mr. Cooper has timed the servicing market perfectly. While other shops grow tired of the vicissitudes of interest rates and MSR marks, Mr. Cooper has pounced, gobbling up portfolios that have only grown in value as rates stay stubbornly high.
Changes to the pricing grids of Fannie Mae and Freddie Mac last May created a natural experiment for researchers to study how changes to guarantee fees impact the housing market.
MISMO is out with five proposals, including a tool to simplify standards adoption. Other new features include tech for credit modernization, appraisals and housing counseling.
Private mortgage insurance companies lost nearly $6 billion of business on the purchase-mortgage side in the fourth quarter, but gained back almost all of it on the refinance side. (Includes two data tables.)
Hedging shifting values of mortgage servicing rights continued to be a major factor in bank mortgage-banking activity as production income remained strong despite a sag in volume. (Includes data table.)
Bill Pulte, nominee for FHFA director, and Jonathan McKernan, the nominee for CFPB director, detailed some of their plans.
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