Outsourcing underwriting tasks to offshore contractors can help reduce production costs for mortgage lenders, according to an executive at Verity Global Solutions.
The Federal Reserve announced a 50-basis-point reduction in the federal funds rate this week. Interest rates on mortgages have come down by more than that in recent weeks in anticipation of the Fed’s move.
Banks and thrifts grew their first-lien portfolios from March to June despite a decline in portfolio sizes of some of the largest depositories. (Includes data table.)