In the third-quarter agency purchase-mortgage market, the retail channel generated loans with stronger credit characteristics than third-party platforms. For agency refi business, retail loans tended to have lower credit scores. (Includes two data charts.)
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Chase reported a huge increase in mortgage banking income that resulted in part from internal accounting while Wells posted a big decline due to MSR writedowns. (Includes data chart.)
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The Federal Reserve cut rates by 25 basis points this week, assuring mortgage lenders strong operating conditions in the months ahead. Still, the production outlook is a bit darker for 2020.
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Flagstar increased its servicing portfolio by about 50% on an annual basis as of the end of September while no other bank servicer in the top 20 posted double digit gains.
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Nonbanks dominate in residential lending nowadays but at least in multifamily finance they have a bit of girth. The analysis is based on 2018 HMDA data. (Includes data chart.)
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Government-insured reverse mortgage programs should offer simple and streamlined products in order to become more attractive to elder borrowers, according to the Brookings Institution.
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