California had more than double the amount of originations by nonbanks in 2022 compared with any other state. The refi share of originations by nonbanks in California was also elevated. (Includes data chart.)
Originations of home equity lines of credit and closed-end second liens in 2023 haven’t kept pace with production in 2022 as elevated interest rates are limiting activity. (Includes three data charts.)
Trade groups representing large banks and mortgage lenders warn that a July proposal to increase capital requirements for large banks could push depositories further from the mortgage market.
When the Federal Reserve begins cutting rates next year, the mortgage industry will become “fat” again. At least that’s what some believe. The immediate challenge: surviving until then.
Government-backed originations increased in the second quarter thanks to a seasonal boost in purchase mortgages. FHA production outpaced VA lending, and the top lenders largely increased originations. (Includes three data charts.)
The big winner was the Finovation team, which floated the idea of creating an industry cooperative similar to the Mortgage Electronic Registration System.
With Wells Fargo exiting the correspondent channel in the first quarter, no single lender filled the bank’s void. Still, the correspondent channel actually gained market share in the conventional-conforming sector. (Includes two data charts.)