Lenders and servicers alike are facing huge challenges due to the coronavirus, with many rising to the operational challenge. However, when it comes to MSR sales, the picture is bleak.
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Digital mortgage closings are getting renewed attention with the industry forced into social distancing to contain the coronavirus. Remote online notarization can help, though it’s not allowed in all states yet.
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Despite a modest gain in production volume, income from originations and secondary market fell from the third to the fourth quarter. But higher interest rates stabilized performance on the servicing side of the business. (Includes data chart.)
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Mr. Cooper Group and PennyMac Financial Services dominated the small group of publicly traded nonbank mortgage lenders with $525 million in net mortgage banking income for the fourth quarter. (Includes data chart.)
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Most of the banking sector's 1% drop in servicing for others is attributable to declining balances at Wells Fargo and JPMorgan Chase. (Includes data chart.)
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The first-time homebuyer share of originations has held steady for years, though the borrowers’ characteristics are changing — many are getting older.
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Mortgage REITs came back from the brink this week, but the sector is not out of the woods quite yet. Thanks to the coronavirus, financial uncertainty remains the watchword.
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