PennyMac continued to lead nonbanks in profitability, generating a hefty $475.7 million in net income on its mortgage banking operations for the second quarter. Mr Cooper bounced back from a first-quarter loss while New Residential made strides toward recovery. (Includes data chart.)
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Correspondent production accounted for just 25% of loans sold to Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter, down from 37.0% in the previous period. (Includes two data charts.)
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Quicken Loans’ parent, Rocket, has revealed a $950 million revolving credit facility, with Chase serving as the administrative agent on the deal.
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Mortgage originations continue to boom as lenders move to hire as many full-timers as humanly possible. One concern: A lack of operations workers.
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With regulations constantly changing and a new relief package in the offing, lenders are increasingly falling back on workflow automation vendors.
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