The agency market — FHA/VA and conventional conforming — still accounted for 86% of first-lien originations, but jumbo and ECM lending are gaining ground. (Includes two data charts.)
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With competition for mortgages heating up, United Wholesale and Rocket are increasing their emphasis on purchase mortgages. Margins, meanwhile, don’t look to budge much.
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Home Point and UWM earnings reports suggest the GSEs’ new limits on cash window purchases and caps on certain mortgage products took a bite out of the profits of some larger wholesalers.
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Jumbo mortgages and non-qualified mortgages can generate better margins than agency products. Still, the loans don’t necessarily offer a guaranteed path to profits.
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Industry consultants are cautioning companies to take steps to ensure their fair housing compliance teams are ready to defend an expected uptick in enforcement actions.
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The nation’s fourth-largest mortgage servicer is being hit on the legal front over a “processing issue” that caused unauthorized withdrawals of monthly mortgage payments.
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The latest $22 million settlement brings to an end a lawsuit accusing Wells Fargo of wrongfully denying loan modifications to borrowers who eventually lost their homes to foreclosure.
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