The residential mortgage market took an unusual turn in the second quarter as retail production gained ground under conditions that generally favor third-party channels. [Includes four charts.]
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Quicken Loans this month lost one of its biggest broker-partners, C2 Financial Corp., laying the blame on BRAWL, United Wholesale Mortgage and UWM’s CEO Mat Ishbia.
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Celebrity Financial, launched earlier this year by industry veteran David Robnett, has closed on its purchase of Midwest Equity Mortgage – its second mortgage deal of the year – but it is far from done as a buyer.
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The Internal Revenue Service published a proposed rule this month to help determine who’s eligible for a new 20.0 percent tax deduction for pass-through entities. Lenders that retain their production in portfolio look to be eligible for the deduction but there’s uncertainty about businesses that originate and sell loans.
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With refinance business drying up, more lenders and loan aggregators are entering the expanded-credit market, launching non-qualified mortgage programs and other products.
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The Senate Committee on Banking, Housing, and Urban Affairs Thursday morning approved the nomination of Kathy Kraninger to become chief of the Consumer Financial Protection Bureau.
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Despite stiff headwinds, first-time homebuyers still play a key role in the mortgage market and that’s not expected to change anytime soon, according to industry insiders.
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The Mortgage Industry Standards Maintenance Organization is forming a new group to identify emerging technologies such as blockchain and digital mortgage that could impact the industry.
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