Mortgage originations typically decline from the second quarter to the third. This year, however, declining interest rates helped increase refinance production and prop up purchase-mortgage lending.
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Holders of mortgage servicing rights marked down the assets at the end of September amid a decline in interest rates. Lower rates reduce the value of MSRs by incentivizing refis.
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This year will yield fewer sales than the two previous years but those were aberrations. Small MSR portfolios are available, but nothing in the “mega” $10 billion range.
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A Black borrower alleged that Rocket Mortgage canceled her refinance application after she repeatedly requested that her home appraisal be revised because it was discriminatory.
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HPS Investments, which owns nonprime originator/servicer Acra Lending and more, is toying with an IPO. Acra is a small part of what HPS owns, but it would open up the lender to public disclosures.
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A broad cross-section of the industry supports legislation that would reinstate, make permanent and expand eligibility for the mortgage insurance premium tax deduction.
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Affordable housing and community development advocates say taxpayers aren’t getting enough for the government subsidy of the FHLBanks. The FHLBanks say critics misunderstand their federal support.
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