As retail and correspondent loan sales to the agencies fell by 20%, lenders became visibly less discerning about credit quality, with credit scores dropping and DTI/LTV ratios rising. (Includes two data charts.)
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Rising interest rates helped to push up income tied to mortgage servicing rights more than they reduced income from originations among a group of publicly-traded nonbanks. Results varied to some extent, with one large mortgage company even taking a loss in the quarter. (Includes data chart.)
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If projections by the MBA are correct, interest rates for mortgages are levelling off, which should relieve some of the pressure lenders are facing on originations and profit margins.
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It’s no secret that mortgage bankers and brokers are cutting workers as lending ebbs in a much higher rate environment. But with the exception of Better.com, the layoffs have not been huge. Yet.
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A Fannie Mae survey of lenders found almost all hope the appraisal process will enter the 21st Century, but most would first invest in digital loan application systems or e-mortgages.
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Despite a flurry of recent programs and proposals to address the racial gaps in wealth and homeownership, speakers at a Federal Reserve webinar said more urgency is needed.
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Chairman Mat Ishbia suggests those calling for cost reductions and layoffs at United Wholesale Mortgage don’t understand the lender; impact of Biden administration’s housing plan expected to be “limited;” mortgage costs soaring.
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