Retail originations by banks and thrifts typically decline on a quarterly basis in the first quarter of a year, a trend that continued in 2024. However, retail lending was up compared with the first quarter of 2023. (Includes two data tables.)
With many lenders struggling with profitability, it might seem like a waste of time and money to sue departing production managers who leave with staffers in tow. But the lawsuits keep coming.
The broker channel remains the smallest of the three primary origination channels, though it showed the most growth in the first quarter. An estimated 19.1% of first-lien originations came through brokers.
Banks reduced their non-agency jumbo lending in the early months of 2024, with nonbanks picking up some of the slack. Deliveries of high-balance mortgages into agency MBS also declined in the first quarter. (Includes three data tables.)
Sales of both existing and new homes declined on a monthly basis in April. Still, home sales and mortgage originations are expected to pick up as interest rates decline.
Originations of jumbo mortgages declined in the first three months of the year driven by a retreat among banks. Nonbank lenders picked up some of the slack. (Includes data table.)
Originations of government-insured mortgages increased by 11.0% in the first quarter of 2024 compared with the previous quarter. Conventional-conforming and nonconforming products lost share during the quarter. (Includes two data tables.)
A few years back, Better looked like a sure thing: It boasted state-of-the art origination technology. Today, the nonbank is bleeding red ink and dependent on a convertible note held by a Japanese multinational.