The biggest increases in home equity lending this year have been seen at nonbanks. Rocket Mortgage more than doubled its originations of closed-end second liens in the first half of 2024 from a year ago. (Includes three data charts.)
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Depository institutions pulled back, to some extent, from mortgage lending in the first half of 2024 and nonbanks stepped in to fill the void. Nonbanks accounted for nearly 65% of originations in the first six months. (Includes two data charts.)
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Falling interest rates are never good for the value of mortgage servicing rights. But with so many MSR owners keeping their 3% to 4% rights of 2020 and 2021 and selling the rest, marks for the third quarter of 2024 could be benign.
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A bill to ban trigger lead activity was rolled into an annual appropriations bill. Congress also passed a stopgap funding bill through Dec. 20.
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Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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