Agency securitization of high-balance loans fell slightly more than non-agency jumbo originations in the fourth quarter. The two markets are nearly mirror images of each other in terms of bank/non-bank dominance. (Includes three data charts.)
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When nonbanks hurt, so too do their warehouse bankers. Just how bad is it? Many originators in the primary market are struggling to post a profit, violating their contractual covenants. (Includes data chart.)
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To gain ground in a tough origination market, Rocket has set its sights on purchase-mortgage borrowers while United Wholesale is focusing on margins.
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Homebridge Financial has agreed to sell most of its MSRs and its entire retail network to California-based CMG. Homebridge insists it’s not going away and is working on other transactions.
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The Newark, OH-based bank was accused of redlining mortgage borrowers in majority-Black and Hispanic neighborhoods of the Columbus metropolitan area.
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Rocket has a huge imbalance between refinances and purchases. Will “distributed” retail help? Meanwhile, FHA rolls out its 40-year modification product.
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