Although purchase-mortgage originations fell 12% from the second quarter, several lenders reported increased production in the third quarter. Nearly all top lenders saw hefty declines in refinance business in the third quarter. (Includes four data charts.)
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Silvergate Bank has been in the news because of its crypto-finance-related business. But the depository is now in the process of trying to quietly pull out of warehouse lending. What’s going on? The bank isn’t talking.
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Most subservicing specialists have experienced tepid growth the past few quarters. The reason? A red-hot bulk sales market is one possibility. Meanwhile, a few top-ranked vendors are about to have new owners. (Includes data chart.)
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Loss mitigation is getting harder to do as higher interest rates pose affordability problems for loan modifications and borrowers are less willing to sell their homes.
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Wells Fargo and housing finance trade groups expressed support for expanding access to streamlined refinances and easing barriers to forbearance options for financially struggling consumers.
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CHLA is concerned large lenders are getting a break on credit report costs while smaller shops are getting whacked. Meanwhile, there’s been a spate of stock selling by mortgage company insiders the past few months.
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