Correspondents increased their share in the conventional-conforming and government markets, as did wholesale-broker platforms. But TPO production was nearly shut out of the jumbo market. (Includes two data charts.)
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Retail originations by banks' mortgage banking operations rose to the highest level in seven years but they understate total lending by the industry. (Includes two data charts.)
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According to the U.S. Census Bureau, 19.4% of Black borrowers missed or delayed their September mortgage payment. The University of Southern California’s Understanding America Study put the figure at just 5.9%.
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Profit margins in the first quarter of 2021 will decline from the fourth quarter of this year, according to a survey of mortgage executives by Fannie Mae. Executives also believe the refi boom might have peaked.
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Only 18% of borrowers who refinanced during the third quarter remained with their previous lender/servicer. The reason: Competing lenders offering lower rates.
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