Correspondents and brokers took back some market share in 2021 that had been lost to the retail channel in 2020. In the conventional-conforming market, retail share held steady, while some volume shifted from correspondents to brokers. (Includes two data charts.)
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With interest rates starting to rise, production income took a hit in the fourth quarter of 2021. While servicing income increased, the mortgage business was less profitable. (Includes data chart.)
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Millennials who remain thwarted from purchasing primary residences in expensive urban markets are turning to vacation homes to build home equity. Meanwhile, signs point to an overall slowdown in demand for such properties.
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The share of mortgages closed with hybrid tech is declining. Still, analysts suggest that lenders would be wise to digitize their closings before volume drops are fully realized.
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Millennials make up the largest generation of first-time homebuyers, but they face affordability challenges, according to recent industry reports.
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Negative outlook for margins; number of foreclosure starts declined in February; MBA launches affordability index; MISMO seeks participants and input on new initiatives.
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