Mortgage bankers had to work a little harder during the second quarter, but industry earnings remained at historically high levels, according to a new analysis by Inside Mortgage Trends. A representative sample of 20 lenders – including most of the industry’s largest firms and many mid-sized operations – reported a combined $5.04 billion in net income from mortgage banking... [Includes one chart]
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A significant decline in origination-related income help reduce overall profitability for mortgage bankers during the first quarter of 2010, according the Mortgage Bankers Association’s latest quarterly performance report. The average firm participating in the survey – which includes a large number of small and mid-sized lenders – reported $465,000 in net income during...
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Intense lobbying by banks and governments has prompted the Basel Committee on Banking Supervision to soften its stance on tough proposals to strengthen bank capital and liquidity rules but still allow it to curtail excessive risk taking. Among those that benefited from the panel’s leniency were U.S. banks, which have been opposed to a proposal to exclude deferred tax assets (DTA) that...
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A new trade association has formed to help the mortgage industry use new technologies to adapt to a new era in mortgage lending. Connecticut-based Progress in Lending Association will allow all mortgage industry participants to gather and discuss new ideas, new automation strategies and new processes to move the mortgage industry forward, the group said this week...
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While federal preemption will still be available to federally chartered banks and thrifts under the Dodd-Frank Wall Street Reform and Consumer Protection Act, their mortgage subsidiaries and affiliates may find themselves vulnerable to a host of state consumer financial laws. Such laws, including state licensing and other compliance requirements, will require a broad...
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Michael Feder makes his living trying to see the future. He is the CEO of Radar Logic, a New York-based firm that describes itself as “a technology-driven analytic and data business providing a broad range of daily indexes and analytic tools.” In fact, with his company’s ability to provide insights into price-per-square-foot, market velocity and major market trends, Feder claims he can...
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Despite a very attractive mortgage rate environment that’s expected to last through the end of the year, mortgage industry economists say new loan origination volumes are likely to decline in the second half of 2010 and on into next year. Mortgage originations rose 6.3 percent from the first to the second quarter, but remained at a relatively subdued $340 billion... [Includes one chart]
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Freddie Mac recently opened up a new Web page devoted to generating more purchase-money mortgage business in a market experiencing significant refinance burnout. The government-sponsored enterprise’s Purchase Market Resource Center was launched in May. Geared toward lenders, the project seeks to provide answers to the common questions that potential...
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