Rocket Mortgage sold over $40 billion of agency MSRs during the third quarter in one of the busiest servicing-transfer markets ever. Ocwen Financial, Freedom Mortgage and a trio of banks were among the buyers.
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Given the home price spike seen in the past 18 months, many distressed borrowers have enough equity to sell their homes rather than face foreclosure. Still, previous practices suggest that a notable share of borrowers with strong equity positions will go through foreclosure.
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Mortgage bankers continue to search for new talent, particularly in the non-QM sector. However, the overall mortgage employment reading declined recently. An aberration or something else?
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Local concentration of mortgage lending may not raise interest rates, but it does increase fees and points, especially for low-income and minority borrowers.
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As part of its plan, HUD will collaborate with VA and USDA on ways to integrate climate-related financial risk into mortgage underwriting standards and loan terms.
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Less than 30% of younger recent homebuyers report feeling that mortgage lenders are “trustworthy and reliable.” Millennials and Generation Z also are heavily reliant on the internet to fill gaps in financial education.
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According to research conducted on behalf of the National Association of Realtors, 51% of non-homeowners with outstanding student loan debt said they have delayed buying a home because of that debt.
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UWM accepted six mortgage payments with cryptocurrency before ending the pilot program; closing costs increased in the first half of 2021; Fannie strengthened underwriting standards for condos and co-ops.
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