Many companies reported declining production volume offset by stronger gain-on-sale margins. But servicing income strengthened as MSR values improved. (Includes data chart.)
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With interest rates on the rise, refinance volume is expected to drop in 2022. Purchase-mortgage lending could hit a record level, but it won’t fully offset the loss in refis, putting pressure on margins.
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The 3Q21 shift from refinance to purchase-mortgage lending generally benefited FHA and private MI activity more than the VA market. (Includes two data charts.)
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Although serious-delinquency rates declined at Fannie Mae, Freddie Mac and Ginnie Mae, the agencies reported a sizable increase in 30-day late payments during the third quarter. (Includes data chart.)
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ServiceMac is the second large subservicer to be sold to a title giant in less than three years. The reason: Title shops love fee-based businesses.
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Institutional investors have several advantages compared to owner-occupant borrowers when it comes to purchasing homes that need substantive repairs.
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Fitch revised its outlook for Provident Funding Associates to negative due to competition in the wholesale channel but upgraded its rating of UMM’s unsecured debt. MISMO is seeking comments on tech that would help obtain MI quotes.
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