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.
A decline in interest rates near the end of 2023 drove up refi volume. Meanwhile, purchase-mortgage lending declined slightly on a sequential basis as seasonal factors limited demand. (Includes four data tables.)