Refinance volume was up across the board in first-quarter agency business, but the sharp spike in VA activity caught the most attention. (Includes three data tables.)
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Critics argue the new second mortgage program is another attempt by Freddie Mac to expand its footprint. But GSE insiders say it’s already allowed under its charter.
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United Wholesale Mortgage was the largest lender in 2023. Only 19 of the top 100 lenders increased their production during the year. (Includes data table.)
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VA Secretary Denis McDonough pledged to be transparent with lawmakers on the new VA loss-mitigation program. He said congressional oversight will strengthen performance of the program.
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Originators hate rising interest rates for the impact it has on production, but owners of servicing rights and their dealmakers couldn’t be happier. One benefit in today’s market: MSR bid prices are strong.
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The malaise surrounding residential lending continued in the first quarter. The expectation is that nonbanks will continue to snatch market share from the big boys, but profitability will remain elusive.
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Mortgage rates are higher than economists expected them to be because inflation and other data are coming in at unexpected levels. The missed projections aren’t surprising, according to Chase’s Jamie Dimon.
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