United Wholesale Mortgage appeared to emerge as the top lender in the third quarter, though Rocket was still ahead on a year-to-date basis. With total originations slumping 22% in the third quarter, a handful of lenders managed to boost production. (Includes three data charts.)
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The Federal Housing Finance Agency will eliminate certain upfront loan-level price adjustments while implementing “targeted” increases for most cash-out refinance transactions. The agency also approved two new credit scoring models for Fannie and Freddie.
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As bad as originations were this year, 2023 is projected to be worse. Purchase-mortgage business is expected to decline even as mortgage rates come down and home prices level off.
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With all the layoffs this year, it stands to reason that finding loan officer talent would be an easy task. But that’s not necessarily the case. Overall, the LO landscape remains competitive.
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Plunging margins since the third quarter of 2020 have driven net profits for originations down about 210 basis points, according to MBA economists.
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Mr. Cooper posted a respectable profit for the third quarter, but challenges remain. Behind the scenes, this top-10-ranked shop has been both buying and selling bulk mortgage servicing rights.
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Industry trade groups want Ginnie Mae to continue making changes to its risk-based capital requirements for nonbank issuers during the extended implementation period.
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Industry attorneys believe the CFPB will appeal a Fifth Circuit opinion finding its funding structure unconstitutional. They expect the fight to end in some form of legislative arrangement.
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