Federal agencies have used the higher-priced mortgage designation as a proxy for subprime lending. Strategies vary among the biggest originators of higher-priced mortgages, including focusing on loans for manufactured homes or expanded-credit mortgages. (Includes two data tables.)
United Wholesale Mortgage plans to continue to grow organically, making investments in technology. The nonbank took a large loss in the first quarter as values of mortgage servicing rights declined.
Amerant Bank launched national mortgage operations in 2021. Now, the bank is reducing its footprint, focusing on lending in Florida where its bank branches are located.
Residential lending increased by 10.9% compared with the first quarter of 2024. Interest rates on mortgages jumped this month, hampering production early in the second quarter. (Includes two data tables.)
Demand from borrowers increases when mortgage rates fall below 6.5%, according to Owen Lee, CEO of Success Mortgage Partners. Due to policies from the Trump administration, it’s unclear whether rates will decline to that level in the near term.
Nonbanks accounted for 65.2% of the residential mortgages originated in 2024. All of the top five lenders were nonbanks and they all gained market share. (Includes two data tables.)
The spring homebuying season might not be as strong as initially expected. Interest rates are challenging and employment trends are faltering, reducing demand for purchase mortgages.
FHA-to-FHA refis increased by nearly 70% in the fourth quarter while purchase mortgage volume slid 12.4%. United Wholesale Mortgage remained the largest FHA lender in 2024.
The retail share of total first-lien originations declined to close to 50% in 2024. Brokers took share from the retail channel, led by United Wholesale Mortgage. (Includes six data tables.)