Despite a sharp decline in primary market originations, the agency MSR market continued to grow in the fourth quarter. Ginnie servicing was the fastest-growing segment. (Includes two data charts.)
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The correspondent channel accounted for 40% of Wells’ originations in 2022, and the bank ranked third among all lenders in the channel. Still, some see Wells’ move as a positive step for the mortgage industry.
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It’s been an ugly couple of months for crypto financier Silvergate Bank, an FDIC-insured institution. One casualty: its non-QM warehouse finance business.
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It’s a safe bet that further job cuts are in the cards for most mortgage franchises. But is the worst of the personnel bloodletting over? That’s hard to say. The optimists out there are hoping for a stronger second half.
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The Federal Housing Finance Agency, the Department of Housing and Urban Development and the Consumer Financial Protection Bureau have a number of mortgage-related rulemakings in the works, according to their policy agendas.
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With the high court declining Fannie Mae/Freddie Mac shareholders’ petition for a writ of certiorari, it’s hard to see what legal avenues are still open to these aggrieved investors.
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Tongues were wagging late in the week concerning a possible $85 billion package of MSRs hitting the auction circuit. Some suggested it might turn out to be a privately negotiated deal with two buyers.
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