Seasonal factors slowed production of Fannie Mae and Freddie Mac MBS during the fourth quarter, although the refi sector showed some resilience in cash-out transactions. [Includes three data charts.]
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Declining profit margins and reduced production levels will push more inde-pendent mortgage companies to sell servicing. But falling interest rates might squash MSR prices.
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The California-based lender worked out an arrangement to take over 14 branch offices from RPM Mortgage, most of them in New Hampshire, and pick up about $650 million in annual lending capacity.
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“We’re in a very challenging and turbulent time,” says a top mortgage consultant who predicts an intense period of industry consolidation through 2019 and perhaps beyond.
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Agency mortgage business is proceeding normally as the partial shutdown of the federal government nears two weeks. FHA processing will likely be slowed, and there are still concerns about IRS transcripts. Federal flood in-surance remains in business.
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