Half of the 16 publicly traded nonbank mortgage lenders reported net losses in the first quarter. The MBA found independent mortgage bankers lost an average of $1 million, largely due to hugely unprofitable loan production. (Includes data chart.)
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Bank portfolios of mortgage servicing for others contracted slightly during the first quarter. Also, the ratio measuring MSR fair value against the UPB serviced for others continued to drop after peaking in the third quarter of last year. (Includes data chart.)
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FHFA proposed adjusting the capital framework that applies to the GSEs to incorporate planned changes in the usage of credit scores. Lenders want more data before any changes are implemented.
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Issues at regional banks will likely slow the economy and have impacts on mortgage lending through the year, according to economists at the MBA. Still, GSE economists suggest that originations could pick up soon.
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A key question in setting up a special purpose credit program is whether the lender will target a population based on a characteristic such as race or whether it will use geography as a proxy for the target group.
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The persistence of work-from-home arrangements has given job seekers less incentive to relocate, according to a new quarterly survey from Challenger, Gray & Christmas.
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As interest rates rise, homeowners are staying out of the real estate market because they don’t want to let go of the record-low mortgage rates they were able to obtain over the last two years.
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The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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