Sen. Bob Corker, R-TN, said passing legislation this year “evidently is not going to happen” and his sense is that Fannie Mae and Freddie Mac will stay in conservatorship “for some time.”
PeerStreet was founded in 2014, reached a cumulative $500.0 million in originations this past September and recently surpassed $1.0 billion in originations.
Mortgage banking profits have been squeezed as refinance activity continues to fall off, and some think the industry is ripe for turmoil from rapidly shifting new technologies. But a panel of senior mortgage banking officials at this week’s secondary market conference sponsored by the Mortgage Bankers Association uniformly boosted the industry’s prospects.
All three loan-production channels saw sharp declines in volume during the first quarter, but correspondent activity held up slightly better than the other platforms. [Includes four data charts.]
Many industry observers are bracing for significant change in the roles of Fannie Mae and Freddie Mac as Congress has failed again to tackle the problem. But some analysts believe the Trump administration will steer away from policy changes that would rile major business constituencies and slow down a major component of the economy.
The House this week approved the Senate’s regulatory relief legislation, sending the package of targeted changes to the Dodd-Frank Act to the White House. With help from 33 Democrats, the measure cleared the House, 258-159, on Tuesday.
Real estate agents, who influence a substantial amount of purchase-mortgage business, generally favored working with nonbank lenders over the megabanks, according to exclusive survey findings compiled by Campbell Surveys and Inside Mortgage Finance.
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