The mortgage banking industry is grappling with historically low rates that are spurring a boom in originations but an anticipated bloodbath in MSR markdowns. Profits galore or Armageddon times?
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The outstanding supply of home-equity debt fell close to the $500 billion mark in late 2019, and depository HELOC holdings dropped to $402 billion. (Includes three data charts.)
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The industry has once again written to Congress requesting that guarantee fees be used only as originally intended: as a critical risk management tool to protect against potential mortgage credit losses.
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Subservicing vendors continued to make gains in the fourth quarter as the appetite for outsourcing grew. In short, some MSR owners just don’t want to deal with the hassle of loan processing and regulations. (Includes data chart.)
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In more troubles for Sterling Bank and Trust, the lender’s residential mortgage operations are now under investigation by the Department of Justice.
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