The shift toward more purchase-mortgage business in the agency market appeared to help the correspondent channel the most at the expense of wholesale-broker. (Includes two data charts.)
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Only two of 21 banks reported increased income from mortgage banking during the second quarter, both due to improvement on the servicing side of the business. (Includes data chart.)
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Income fell at four nonbanks in the second quarter, though performance was far from uniform. loanDepot’s profits dropped 94% compared with the previous quarter.
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The number of borrowers whose forbearance plans will expire in the fall is greater than they might have been because maximum forbearance periods are varied based on when a borrower started a plan.
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All-cash purchases of homes are higher than they have been since 2014 but many lenders say the cash market isn’t having much of an impact on them.
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Digital verification of borrowers’ income, employment and assets can significantly reduce the length of the mortgage closing process. And the tech got a boost from the pandemic.
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The patent awarded to Liquid Mortgage covers a significant portion of the tech startup’s business model. LM is looking to apply blockchain to the mortgage securitization process.
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