The broker share of loans sold to Fannie and Freddie rose in the third quarter, while declining in new Ginnie business. Retail remained king, including an increase in the channel's share of agency purchase-mortgage business. (Includes two data charts.)
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Although gain-on-sale margins narrowed from the second to the third quarter, nonbanks reported strong results from their origination and secondary market activity. (Includes data chart.)
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Working from home is going pretty well for lenders, with some reporting increased productivity and only one out of 33 surveyed noting a reduction in profits.
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Many potential buyers haven’t been able to take advantage of low mortgage rates because home prices have increased faster than income, limiting affordability.
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The startup, Tomo Networks, last week received $40 million of initial funding from institutional investors and former Zillow CEO Spencer Rascoff.
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