Refinance lending plummeted in the first quarter of 2022 but still clung to a narrow lead over purchase-mortgage originations. Refis may account for only 30% of the market for the rest of the year. (Includes four data charts.)
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Data from multiple listing services show that the housing inventory shortage is acute, with closed and pending home sales outpacing new listings.
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Servicing bids are off their highs for the year, but the situation could be temporary. As originations wane in the quarters ahead, nonbanks could flood the market with more auctions.
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According to new research paper, nonbanks use their MSRs to help fund operations in a rising rate environment, resulting in stronger originations in comparison to banks.
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In addition to higher rejection rates, older mortgage applicants also face higher interest rate spreads, according to new research from a Fed economist.
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How do you know when a mortgage cycle has reached its nadir? When originators produce loans at a loss. We’re not there yet but we could be close. Meanwhile, just because a lender announces a stock buyback that doesn’t mean it will happen.
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Moves by the Trump administration are disrupting the economy and the federal agencies that deal with the housing market. Bob Broeksmit, president and CEO of the MBA, isn’t sure how it’s all going to play out.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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