The rapid increase in interest rates seen in the first quarter took a big bite out of income from production and helped to goose servicing earnings. And while a downturn in originations was expected this year, it could be worse than expected.
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The ratio measuring the fair value of banks’ mortgage servicing rights compared with their servicing for others hit a post-2008 high as of the end of March thanks to the spike in interest rates.
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Usage of Freddie Mac’s Loan Prospector is largely confined to mortgages that will be delivered to the GSEs while usage of Fannie Mae’s Desktop Underwriter is more widespread in the mortgage market.
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Renters are finding it more challenging to become homeowners as increasing rents eat into downpayment funds and rising interest rates push homes further out of reach.
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Higher interest rates didn’t have much of an impact on home price appreciation in March; Freddie Mac launched new automated underwriting capabilities; Fitch shifts its outlook for ratings of Finance of America Companies to negative; MISMO remains busy.
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