Correspondent originators and mortgage brokers saw the biggest increase in production during the third quarter of 2017, although retail lending was still the dominant channel, according to a new ranking and analysis by Inside Mortgage Finance.
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The sudden firing late last week of Wells Fargo’s consumer and mortgage chief Franklin Codel for an unspecified personnel matter sent a clear message to the executive ranks of the company that it will not tolerate any behavior that puts the firm in a negative light.
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It’s been almost a week since the biggest staffing news to hit the mortgage industry this year – the early departure of Richard Cordray from the Consumer Financial Protection Bureau – and the Trump administration has yet to name either a permanent replacement or even an acting director. Legal uncertainty may be the reason why.
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The 30-day delinquency rate increased significantly as of the end of the third quarter of 2017, with hurricanes taking a toll on mortgage performance, among other factors.
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The sale of mortgage banking franchises and asset-related acquisitions are gaining traction as the year draws to a close, but dealmakers aren’t expecting any blockbuster moves before yearend. According to interviews conducted by Inside Mortgage Finance with investment banking advi-sors, many lenders remain profitable and are enjoying a 2017 that turned out to be better than expected in terms of origination volume.
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Flagstar Bank has announced a new loan program that will benefit cash-strapped borrowers in low- and moderate-income communities who want to purchase a house.
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Senior homeowners are expected to have a wealth of home equity to tap into as they reach re-tirement, according to a new study by the Urban Institute. The institute analyzed the Federal Reserve’s 2016 Survey of Consumer Finances released this fall and concluded that 3.3 million low- and moderate-income seniors have more than $775 billion in un-tapped housing wealth.
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