Despite profit margins that continued to decline, lenders reported robust earnings from their loan originations and secondary market in the fourth quarter. (Includes data chart.)
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Led by Rocket Mortgage, the $4.6 billion earned by nine nonbank lenders in the fourth quarter of 2020 topped the $3.6 billion in mortgage banking income reported by 20 banks. (Includes data chart.)
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Nonbanks’ performance amid disruptions caused by the pandemic supports growth. Moody’s increased its operating environment score for nonbank mortgage companies.
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In a split ruling, the Fourth Circuit upheld a trial court’s decision to impose a $9.7 million fine against the nonbank lender for allegedly influencing appraisers to raise their valuation if it didn’t match a refi borrower’s estimate.
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Although production and loan sales fell in the fourth quarter, 2020 was a banner year for mortgage banking operations at commercial banks and thrifts. (Includes two data charts.)
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Income accounts for 80% of the valuation gap between homes owned by whites and minorities, while 20% can be attributed to current or past racial bias, according to the American Enterprise Institute.
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