Repurchases were up in the fourth quarter of 2020, with Freddie still representing a disproportionate share of the action. Most claims are resolved without a buyback. (Includes three data charts.)
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Banks reported $22.5 billion in mortgage banking income in 2020, according to call reports. Long-time industry leader Wells Fargo had a rough ride. (Includes data chart.)
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With forbearance rates stagnant since November and payment holidays scheduled to end in the coming months, foreclosures are expected. Still, loss mitigation and home price appreciation could dull the impact.
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Industry participants suggest that technology and communication can help the closing process run smoothly. Hybrid closings have cut the time a borrower spends with a notary from 45 minutes to 15 minutes.
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The company, which buys and sells homes directly, cautioned that it may not have sufficient cash flow from its businesses to pay down its substantial debt.
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