Despite substantial declines in mortgage banking profitability at Wells Fargo and JPMorgan Chase, the banking industry saw a modest gain in earnings during the first quarter. (Includes data chart.)
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Agency MBS issuance declined modestly from the fourth quarter of 2019 to first quarter of this year. But volume soared abruptly in April, along with signs of COVID-19 stress. (Includes two data charts.)
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Nonbanks with large servicing portfolios are generating high margins from originations. The production is focused on agency mortgages, as nonbanks have largely stopped originating non-agency loans.
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Though purchase mortgages are plummeting, low interest rates and higher buyer demand will help the market stage a recovery, according to Zillow.
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Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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