The correspondent channel’s share of originations increased for both conventional-conforming loans and nonconforming mortgages in the third quarter, according to a survey of lenders. Meanwhile, brokers gained share in the government-insured market. (Includes two data tables.)
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Combined, banks and thrifts reported $2.21 billion in mortgage-banking income during the third quarter, a slight increase from the previous period. Through the first nine months of the year, industry earnings were up 8.7% from the same period in 2023. (Includes data table.)
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Sales of mortgages by banks increased by 20.5% in the third quarter even as the top bank reduced its sales. Eight of the 10 top banks boosted their sales from the second quarter. (Includes two data tables.)
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Federal Reserve researchers found that pandemic-era interest rates reduced mobility by 44%, as many homeowners are reluctant to let go of their low interest rates.
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More needs to be done to close the racial and ethnic homeownership gaps, according to speakers at a conference hosted by the National Association of Affordable Housing Lenders.
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In a recent survey, real estate agents told HomeLight that changes to their commission structure has caused confusion for their clients and added new hurdles to the homebuying process.
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