The non-agency jumbo market held up better than high-balance agency production in the first quarter. New GSE pricing is depressing conforming-jumbo sales in the second quarter. (Includes three data charts.)
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Wells Fargo is in the process of changing where residential loans fit into the bank’s overall business. The company’s CEO cited GSE mortgages as a product that presents risk to the bank.
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As loan volumes head south, more potential buyers are slated to come out of the woodwork, but don’t expect any premiums to be paid. We found at least two mid-sized shops that are in the hunt for deals.
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For years, the number of subservicing contracts has proliferated. But with loan production falling, there is less of a rush to use outsourcing vendors. Some lenders may even move the function inhouse. (Includes data chart.)
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Fannie Mae and Freddie Mac are leaning on special purpose credit programs to offer better access to housing finance for Black and Latino borrowers.
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After a respite of sorts, the insatiable appetite for mortgage servicing rights revives. Meanwhile, Better.com and its founder find themselves on the wrong end of a civil damages claim.
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