For the first time since 2007, private MIs accounted for over half of new insured mortgage originations thanks to surging purchase-mortgage business in the second quarter. FHA and VA were hit much harder by the nosedive in refinance activity. (Includes three data charts.)
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After cutting interest rates on its products in late June, UWM expects its gain on sale to decline from 99 bps in the first half of this year to as low as 30 bps in the third quarter.
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Servicing sales have been a boon to lenders this year as origination volumes head south. But are the good times about to end or is it a market in need of a breather?
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Cenlar, the nation’s largest subservicer, has a new leadership team. The move comes roughly 10 months after federal sanctions were filed against the firm.
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Lenders want FHA to increase the limit on fees they can charge for processing an assumable mortgage, a product expected to gain popularity in the coming months.
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UWM outearned Rocket in the second quarter, but mortgage banking is a nine-inning game. Meanwhile, not only is Better.com struggling, so is its chief benefactor, SoftBank.
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