Mortgage lenders that deliver loans into Fannie Mae and Freddie Mac mortgage-backed securities continued to face relatively few repurchase demands from the two government-sponsored enterprises last year. [Includes two data charts.]
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Commercial banks and savings institutions made money on their mortgage banking activity during the fourth quarter, but not that much. [Includes one data chart.]
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The majority of lenders now offer a front-end digital mortgage process for borrowers but there is considerable variability in adoption rates for various back-end processes, a survey by Strategic Mortgage Finance Group showed.
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As mortgage profits weaken, two banks that have had a foothold in residential finance for several decades are taking different paths. One, TIAA Bank, Jacksonville, FL, is exiting traditional retail but staying in the mortgage space. The other, Provident Savings Bank, Riverside, CA, is getting out entirely.
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Although employment in the mortgage industry has been fairly robust the past few years, it’s been a dicey proposition for real estate appraisers. According to figures compiled by the Appraisal Institute, a national trade group that represents the sector, there were 82,208 active license holders at last count, down 8.1% from four years earlier.
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loanDepot this week launched a digital mortgage product, mello smartloan, promising quick turn times for more than half of its loan applicants. The nonbank lender claims borrowers can now close their mortgages in just eight days.
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Origination of FHA-insured reverse mortgages fell more than 30% in December due to the partial government shutdown and an overall slowdown in production volume.
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