Nonbanks increased their share of the mortgage servicing market by nearly 5% in the first quarter, while a one-time reporting change lowered credit union portfolio holdings. (Includes three data charts.)
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It is tougher times for banks engaged in financing nonbank originators. Usage rates are down significantly and some customers are consolidating lines of credit. (Includes data chart.)
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Rate locks for purchase mortgages declined from April to May. Numerous factors are depressing demand for the loans: higher interest rates, accelerating home prices and inflation.
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PE shops have quietly entered the MSR arena as owners, reaping strong gains. How long they might stick around depends on the direction of interest rates.
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The Community Home Lenders Association has raised concerns that an entity with dominant market position could engage in anti-competitive behavior.
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Foreclosure filings last month nearly tripled from a year ago, according to Attom. However, the analytics firm said foreclosure activity is getting back to normal after two years of government intervention that led to historically low levels of default.
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Does mortgage fintech Better.com have a future not tied to a SPAC? A sale perhaps? Meanwhile, more lenders are pulling the reduction-in-force lever.
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