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Inside Mortgage Finance

April 27, 2023

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Originations Down in 1Q23, But May Be at Cyclical Low

PennyMac and a handful of other lenders appeared to benefit from the retreat of Wells Fargo from the correspondent market. (Includes two data charts.) Read More

Thompson Defends FHFA’s New GSE Pricing Policy

FHFA Director Sandra Thompson said critics of the new schedule of upfront fees for loans backed by Fannie Mae and Freddie Mac misunderstand the nature and purpose of the price changes. Read More

MSR Values Fell Slightly in 1Q23, Bids Still Strong

Servicing valuations are starting to inch downward, but not dramatically. The good news: Investors still want the asset and prices are holding firm. One notable: More MSR owners are hedging the asset these days. Read More

First Republic Bank Plans Mortgage Strategy Shift

First Republic Bank has set its sights on cleaning up its balance sheet and originating loans for sale to the secondary market, which may be easier said than done. Read More

LOs, Lenders Split on FTC’s Proposed Noncompete Ban

The Mortgage Bankers Association is opposed to the Federal Trade Commission’s plan to ban most noncompete clauses. However, several individual commenters from the mortgage industry favor the proposal. Read More

Spring Brings a Thunderstorm of MSR Deals

Mr. Cooper hopes to surpass the $1 trillion mark as a servicer/subservicer, an event that could happen by yearend if it keeps gobbling up portfolios. Meanwhile, there’s plenty of MSRs to buy. Read More

Industry Backs HUD Plan on Affirmatively Furthering Fair Housing

The proposed rule would direct all HUD program participants to proactively take actions to overcome patterns of segregation, promote fair housing choice and eliminate disparities in opportunities, among other issues. Read More

CFPB Targets Foreclosures on Old Second Mortgages

The CFPB issued an advisory opinion to limit foreclosures on “zombie” second mortgages, noting that many would be past the statute of limitations. Read More

Grapevine: Concerns on Automated Systems; More Points in 2022

CFPB raises concerns about algorithms in the mortgage industry; share of borrowers buying points increased in 2022; recession coming, though home prices won’t go down as much as initially expected. Read More

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