A shift in origination trends from refinances to purchase mortgages led to reduced earnings at a number of private nonbanks in 2017, according to Moody’s Investors Service. In a recent report, the rating service detailed profitability levels for four large private nonbanks: Freedom Mortgage, Provident Funding Associates, Quicken Loans and Stearns Lending. The firms generally don’t disclose their financial results, but Moody’s maintains corporate ratings on them, which provides ...