MBA's Marina Walsh noted, “Per-loan production expenses continued to rise for the fifth consecutive quarter, reaching the second-highest level ever reported.”
Bottom line: The demand for product has never been better — thanks to rising interest rates, slowing prepayments and institutional investors hunting for yield.
Ed Pinto and Patrick Lawler of the American Enterprise Institute argue that the capital standards, even under Calabria’s more conservative rule, are already too weak.
If the Senate fails to resolve the debt ceiling in time, the federal government’s credit rating will likely be downgraded to “restricted default.” So, too, will the ratings on GSE debt.
Mike Gill was part of the team brought in by former FHFA Director Mark Calabria to prepare CSS to issue securities for potential competitors of Fannie and Freddie.
Mortgage banking income appeared to benefit from both rising gains on sale and stronger net servicing income. The top three banks reported lower earnings from mortgage banking.
Black Knight increased its earnings in the third quarter of 2021 compared with the prior quarter while Blend Labs took a loss after earning a small profit in the second quarter.
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