A dozen publicly traded nonbanks saw combined income drop 69% from the first to the second quarter, thanks largely to shrinking production margins and unhedged MSR portfolios. (Includes data chart.)
The key to a modest increase in servicing-for-others in the banking industry was the purchase of a large nonbank by Western Alliance Bank. (Includes data chart.)
Bank investment in agency MBS, especially Fannie/Freddie paper, continued to grow during the second quarter, though not quite as much as the overall market. (Includes two data charts.)
The agency market — FHA/VA and conventional conforming — still accounted for 86% of first-lien originations, but jumbo and ECM lending are gaining ground. (Includes two data charts.)
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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