As interest rates rise, homeowners are staying out of the real estate market because they don’t want to let go of the record-low mortgage rates they were able to obtain over the last two years.
Chase’s top officials shed light this week on how First Republic Bank’s high-quality mortgage assets and affluent borrowers fit right into the megabank’s wheelhouse.
Rising interest rates and tightening of credit standards from banks caused a slowdown in jumbo lending in the first quarter of 2023. First Republic Bank was the top producer in the sector, followed by Wells Fargo. (Includes data chart.)
Deephaven Mortgage and Arc Home are looking to add to their operations and sales teams to take advantage of upcoming opportunities in the non-QM space.
Originations of higher-priced mortgages slightly increased last year, with many loans produced by CDFIs and lenders who specialize in mobile and manufactured homes. (Includes two data charts.)
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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