While overall production volume was down in all three major product groups, the wholesale-broker channel saw increased originations of conventional-conforming and government-insured loans. (Includes two data charts.)
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Most of the industry's dramatic $245 billion decline in servicing for others was the result of a change in reporting practices at Flagstar Bank. However, a number of large banks continued to back away from the business of servicing for others. (Includes data chart.)
For a while there, during the early days of the pandemic, Impac Mortgage appeared to be on the ropes, but it’s back in the lending arena, sans its non-QM menu.
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Mortgage lenders rapidly implemented work-from-home policies that kept operations humming early in pandemic. But the huge extension of the corporate network meant a significant increase in cybersecurity risk.
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Though initially wary of the online closing process, borrowers’ satisfaction with their lenders appears to have increased during the pandemic.
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Bank trade groups support an interim final rule that allows depositories to defer appraisals for up to 120 days in certain circumstances. Appraisers, on the other hand, have raised concerns.
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With more than 8% of mortgages now in forbearance, industry experts are exploring ways to give an added impetus to digitizing the loan-modification process.
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