Lenders of all shapes and sizes reported eye-popping increases in production volume from the first to the second quarter of 2019. At the midway point, this year was running 11.5% ahead of the pace in the first half of 2018.
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Lower interest rates resulted in strong originations in the second quarter, causing lenders to smile. But for firms with large MSR portfolios, asset writedowns were the norm.
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Waterstone Bank plans to test the waters of the non-QM market, a niche that most depositories have avoided. Is this part of a growing trend or just an isolated detour into the unknown?
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The House approved legislation discounting FHA single-family mortgage premium payments for certain first-time homebuyers. However, the move will not stop FHA’s market share from skidding further.
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FHA has indefinitely suspended its guidance on downpayment assistance provided by government entities. The decision comes just a week after a federal judge granted an injunction on the implementation.
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A federal judge approved a fair servicing lawsuit against Bank of America and Safeguard Properties based on disparate-impact theory. But the fate of the suit is still uncertain because of inconsistent case law.
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Earlier this year, Wells Fargo offloaded roughly $20.7 billion in Ginnie servicing rights. The buyers? A bank and a nonbank. Meanwhile, the Equifax data hack will cost upwards of $700 million in settlement costs.
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