Commercial banks and savings institutions reported another decline in the volume of mortgages they repurchased in the third quarter of 2024. PNC Bank accounted for the largest chunk of the bank industry’s repurchases, at 11.3%.
Mortgage repurchases by banks and thrifts during the second quarter were the lowest since before the 2008 financial crisis, according to a new Inside Mortgage Trends analysis of call-report data. (Includes data table.)
The mortgage process met or exceeded the expectations of many homebuyers; interest rates look to be too high for potential homebuyers; the defect rate on mortgages declined again; tech vendor raises $19 million; Altisource Asset Management exits mortgage market.