Broker originations accounted for a growing share of first-quarter production in all three major mortgage products. United Wholesale accounted for the channel's growth.
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The average firm posted a pretax net loss of $214,000 loss in the first quarter. Retail-focused lenders and independent mortgage bankers fared relatively better.
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While banks overall reduced their servicing for others, Chase, Flagstar, M&T and MUFG Union Bank all built up their portfolios in the first quarter.
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Some industry participants are questioning the accuracy of the MBA’s refinance application index, suggesting that Google search trends are a better gauge.
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Interest rates are falling, refis are increasing and optimism abounds among many mortgage professionals. However, hiring has not been robust this spring but all that may soon change.
State housing-finance agencies and mortgage lenders disagree over a HUD mortgagee letter that would effectively restrict the ability of federally recog-nized governmental entities, including tribal lenders, to provide downpay-ment assistance to FHA borrowers. A lawsuit seeking temporary injunction has been filed against HUD.
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