A decline in interest rates near the end of 2023 drove up refi volume. Meanwhile, purchase-mortgage lending declined slightly on a sequential basis as seasonal factors limited demand. (Includes four data tables.)
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The Financial Stability Oversight Council wants Congress to provide FHFA and Ginnie Mae authority to supervise nonbanks given their growing dominance of the mortgage servicing market.
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Another long-time player is exiting warehouse lending. The twist: There’s nothing wrong with Flagstar’s nonbank business. The problem is that the depository is owned by NYCB, which needed an investor-infusion earlier this year.
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Some see Freddie Mac’s proposal to acquire second liens as a way to boost originations of the products. Others suggest that GSE involvement in the sector will have minimal impact as demand from borrowers appears to be limited.
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An increase in MSR values was the order of the day during the first quarter, but the markups were not significant. And some lenders had slight declines. The good news: Origination profit margins improved.
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With banking regulators considering how to revise their Basel III endgame proposal, the U.S. Mortgage Insurers stressed that regulators should look more favorably on loans with private MI.
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A proposal from the Urban Institute calls for a revamp of the refi process to make it more equitable for lower-income borrowers and borrowers of color.
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The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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