Although margins are better in retail production, third-party origination platforms are good sources for purchase-mortgage business and more easily scaled to market demand. (Includes two data charts.)
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Mortgage repurchases by banks declined by 27% during the fourth quarter. Reserves tied to repurchases increased, suggesting that mortgage buybacks could go back up in 2023. (Includes data chart.)
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The Federal Reserve is working to understand why it was unable to prevent the failure of Silicon Valley Bank and some Democrats in Congress are pushing for increased regulation of community banks.
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The mortgage market is losing some capacity as Impac Mortgage and Finance of America move away from traditional production. The moves follow steep losses at the companies in recent years.
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It’s not a good time to be looking for work in the residential finance industry. However, the recent bank liquidity crisis caused interest rates to fall, which could improve the production outlook.
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Failed banks and interest rate risk; DOJ-Sterling Bank settlement; big banks boost First Republic; ICE to fight FTC over Black Knight deal; FHFA delays DTI fee; Guaranteed Rate offering fast approvals.
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