Correspondent production across all three major mortgage food groups was up 12.6% from the third to the fourth quarter, while retail rose 5.8% and wholesale-broker managed just a 2.5% gain. (Includes two data charts.)
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A lender provided e-signed document authentication from DocuSign and testimony from a compliance officer, but that wasn’t enough to convince two courts that the borrower had actually signed the document.
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Although secondary market sales by bank mortgage banking platforms were down 8% in the fourth quarter, it still ranked as one of the busiest periods since early 2013. (Includes two data charts.)
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The creation of the qualified-mortgage patch was “unfair” but necessary to prop up originations, according to former CFPB officials who were involved in crafting the temporary rule.
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Credit unions tend to offer mortgages with lower interest rates than other lenders. However, their share of originations is relatively low and the gap between them and banks in terms of interest rates has narrowed.
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Prior to the 2008 housing crisis, the supply of new housing units dipped below 1.25 million only once, in 1982. Following the crisis, the supply didn’t rise above 1.25 million until 2017.
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