Are mortgage lenders in the financial services business? The answer from the Internal Revenue Service on that question will determine whether lenders organized as pass-through entities can take a significant deduction included in the Tax Cuts and Jobs Act.
The incidence of defects in mortgage loan applications has decreased significantly in the last five years, according to First American Financial’s Loan Application Defect Index.
A strong surge of purchase-mortgage business helped lift Fannie Mae and Freddie Mac production of single-family mortgage-backed securities in May, according to a new Inside The GSEs analysis. Credit characteristics in May production were relatively unchanged, however. The two GSEs securitized $65.63 billion of single-family MBS last month, a 6.8 percent increase from April’s volume. Most of the gain came from a 23.6 percent jump in purchase-mortgage business as home buying season kicked into gear. Refinance volume was up slightly, and neither ... [Includes two data charts.]
With razor-thin production margins becoming the norm this year, some originators are thinking about, or moving ahead with plans to trim the compensation levels of their most valuable asset: loan officers.
Retail loan production gained share in the jumbo and government-insured markets during the first quarter of 2018 but lost a little ground in the conventional-conforming space, according to survey data compiled by Inside Mortgage Finance. [Includes two data charts.]
Trading in mortgage servicing rights is as good as it’s been for years, but it remains a small market full of pricing and transactional irregularities, according to industry experts speaking on a panel at the secondary market conference sponsored by the Mortgage Bankers Association last month.
Commercial banks and savings institutions once again reduced their holdings of mortgage servicing rights during the first quarter of 2018, according to an Inside Mortgage Trends analysis of call-report data. [Includes one data chart.]
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