Purchase-mortgage lending soared to a record $515 billion during the second quarter of 2021, buoyed by first-time buyers. Refi lending was down but still accounted for 58% of the market. (Includes five data charts.)
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As originations go, so goes the warehouse sector. In 2Q21, commitment levels reached a new high but borrowing nonbanks are now trimming how much credit they will need for the rest of the year. (Includes data chart.)
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It’s assumed that third-quarter originations will be down compared to 1Q and 2Q, but lenders remain sanguine about the short term. Also, some are finding solace in non-QM production.
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With the Centers for Disease Control and Prevention no longer able to offer eviction protection to delinquent renters, the speculation now is whether the housing finance agencies will institute a moratorium of their own.
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The plans will focus on reducing the racial and ethnic homeownership gap and helping to mitigate underinvestment and undervaluation in previously redlined neighborhoods.
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Following the recent coordinated action by federal agencies against Cadence Bank for redlining, compliance attorneys have suggested now is not the time for mortgage companies to let their guard down.
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A risk-based capital regime could be in the works for Fannie and Freddie, though some GSE watchers suggest the whole exercise could be in flux. Meanwhile, Wells Fargo has a new servicing chief, Ann Thorn from Caliber Home Loans.
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