Repeat homebuyers accounted for over half of the agency purchase-mortgage market in the third quarter, the first time that’s happened in a while. (Includes four data charts.)
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The industry is bracing for another round of negative servicing marks tied to MSRs. However, strong origination results for the third quarter should buffer the carnage.
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Analyst Richard Bove thinks the new net worth sweep agreement is just a gimmick because the liquidation preference on Treasury’s preferred stock will offset any increase in the GSEs’ capital buffers.
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Origination pipelines remain full and lenders, for the most part, are feeling optimistic about profits. Can it last? Probably, as long as rates remain low.
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