Correspondent production took a bigger share of the fast-growing conventional-conforming space, while retail expanded in government lending. Wholesale-broker jumbo lending declined in the third quarter. (Includes two data charts.)
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Seven publicly held nonbanks reported a combined $398 million in income from mortgage banking operations in the third quarter, ending a nine-month streak of aggregate losses. Mr. Cooper emerged on top. (Includes data chart.)
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Some lenders that were looking to throw in the towel after a rough first quarter experienced strong originations and returned to profitability as interest rates fell, putting the brakes on M&A activity.
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In a recent filing, Fannie Mae made clear its displeasure with the pay caps placed on the company by the FHFA and Congress. Interestingly, Freddie Mac had a more muted response.
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Banks left lending standards unchanged for most residential mortgages in the third quarter of 2019, even as demand rose significantly. Underwriting for commercial real estate loans stiffened.
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The banks are testing an incentive payment mortgage servicing compensation structure for certain non-agency deals. The move aims to align expenses and revenues for servicers faced with delinquent loans.
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Mortgage fintech lender Better.com plans to hire veterans and military spouses and recently closed on Series C funding. Other mortgage startups are also in a capital-raising mode.
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