Nonbanks reported a massive $1.38 million decline in mortgage-banking income during the third quarter. Most of that was because of accounting issues related to servicing.
While retail continued to be the top channel in securitizations of conforming loans, correspondents gained 294 basis points of market share in the third quarter.
The mortgage finance and housing communities are hopeful of strong housing affordability policies from a second Trump term, but expect the approach to differ from efforts under the Biden administration.
Lock-in persists; eClosing found to provide pricing gains; home sales expected to increase; LOs shy away from AI; credit card offers rewards points for mortgage payments; steady profits for LendingTree from lead business.
JPMorgan Chase reported a $44 million increase in mortgage-banking income during the third quarter of 2024. Twenty-five other publicly traded banks boosted their combined mortgage banking earnings by $13 million. (Includes data table.)
The Mortgage Bankers Association hosted experts in artificial intelligence at its annual convention this week to help familiarize attendees with the opportunities AI will bring to their businesses.
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