Most top lenders reported rising purchase-mortgage business and declining refinance activity in the third quarter. Private MIs lost a little ground in the first-time buyer market. (Includes five data charts.)
The banking industry grew its servicing-for-others accounts in the third quarter of 2021. Chase, Truist and Fifth Third accounted for a significant share of the industry's gain.
Mortgage banking income appeared to benefit from both rising gains on sale and stronger net servicing income. The top three banks reported lower earnings from mortgage banking.
Bank investment in auto ABS surged 19% during the third quarter, including big gains at TD Bank and KeyBank. Fifth Third and Commerce Bank also reported strong growth in total ABS. (Includes two data charts.)
Wholesale-broker production was up in the third quarter largely because the biggest lender in the channel increased its funding volume. The retail channel saw a 5% drop. (Includes six data charts.)
For the first time since late 2019, purchase-mortgage endorsements exceeded new refinance loans in the FHA/VA market. And FHA narrowed the gap between the two programs. (Includes three data charts.)