While agency market trends weakened in the third quarter, non-agency production likely continued to gain share. Rocket Mortgage, PennyMac and United Wholesale Mortgage remained the top producers, but several banks reported strong quarterly gains. (Includes two data charts.)
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Mortgage industry stakeholders are on the same page with affordable housing and minority rights groups, at least when it comes to the FHFA’s proposal to require Fannie and Freddie to have concrete plans to improve equity in mortgage lending.
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If capital and liquidity requirements for nonbank servicers are too stringent, firms could leave the business and borrowers’ costs for mortgages could increase.
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Subservicing behemoth Cenlar has caught the attention of the OCC, which slapped the loan processor with a consent order because of its risk management shortcomings. On the menu: corrective actions.
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While many lenders are already originating mortgages using replacements for LIBOR, many legacy ARMs remain linked to the London benchmark, according to an analysis by Inside Mortgage Finance.
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CRA trade-offs and nonbanks: Let’s make a deal? Maybe, maybe not. Meanwhile, investors are still willing to sink cash into good mortgage ideas.
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