Mortgage-banking income at banks and thrifts went up 27.8% in the first quarter of 2024 compared with the previous quarter. Trends were far from uniform among the major players. (Includes data table.)
A handful of heavy hitters in the nonbank mortgage world recovered from significant losses in the fourth quarter with solid profits in early 2024. GOS margins were mostly up, along with production volume. (Includes data table.)
Publicly traded banks reported a 21% increase in mortgage-banking income during the first quarter of 2024. Improving gain-on-sale margins accounted for much of the increase. (Includes data table.)
Philadelphia-based Republic Bank focused its mortgage production on jumbos with below-market rates. The bank also held agency MBS that lost value as interest rates increased.
PennyMac booked a weak increase in servicing income due to a large loss tied to hedges for MSRs; First American’s CEO doesn’t expect the CFPB’s effort on lender’s title insurance to change much.
Flexible nonbanks weathering the storm; layoffs continue at mortgage companies; tepid demand for mortgages on new homes; best execution analysis; Rocket preps AI offering; Equifax boosts mortgage-related revenue.
Better saw improvements in its pull-through rates in a pilot program in which the lender paid its LOs commissions. The lender found that its no-commission model didn’t work well for purchase mortgages.
With barely any refinance activity, the seasonal housing slowdown showed overcapacity in production platforms that squashed profitability. (Includes data table.)
Two large nonbank retail lenders took losses in the fourth quarter, with officials stressing that better days are ahead. Guild is growing through M&A while loanDepot is reducing its staffing.
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