When nonbanks hurt, their warehouse lenders hurt too, though in different ways. A sharp reduction in mortgage originations — with no interest rate relief in sight — is causing a handful of bankers to quit the space.
A hearing of the Federal Financial Institutions Examination Council’s Appraisal Subcommittee covered gaps in appraisal training and the lack of appraisers in rural areas.
The Federal Emergency Management Agency said debt for the flood insurance program is currently costing $309 million in semiannual interest payments, which could be utilized on disaster operations.
Mr. Cooper is working on an MSR fund with institutional investors, with plans for the nonbank to handle subservicing, while Rithm Capital is still planning a spinoff of its mortgage unit despite the tough market.
People’s Bank of Commerce and First National Bank of Long Island have shuttered mortgage lending businesses due to rising rates and stiffer competition from nonbanks.
Consumer criticisms related to mortgages declined in the third quarter of 2023, falling to the lowest level since the fourth quarter of 2011. (Includes two data tables.)
Consumer advocates are both happy with aspects of the final rule and frustrated that regulators didn’t go further. Trade groups representing banks also see the final rule as a mixed bag.
In an interview with the Mortgage Bankers Association’s president and CEO, CFPB Director Rohit Chopra confirmed that changes to the agency’s mortgage servicing rules would come in 2024.
RSS