The call-center business model used by Quicken Loans won praise from real estate agents who often prefer to deal with a local loan officer, according to the results of a new survey by Campbell Surveys and sponsored by Inside Mortgage Finance. “It is clear that agents like Quicken for loan programs, lead time on closing dates, policy on providing closing status to agents and performance on meeting closing dates,” said Tom Popik, research director for Campbell Surveys. He said...
Although interest rates have been trending downward for much of the year, it hasn’t stopped mortgage firms from selling one of their most prized assets: mortgage servicing rights. According to a new tally from Inside Mortgage Finance, almost $27 billion in MSR auctions have been announced since March 1, with some bulk deals sized as high as $6.2 billion dollars. At least 16 offerings have been announced...
Fannie Mae and Freddie Mac saw a slight decline in their single-family mortgage business during the first three months of 2016 – in fact, it was the slowest quarter in nearly two years – according to a new analysis and ranking by Inside Mortgage Finance. The two government-sponsored enterprises issued $172.97 billion of single-family mortgage-backed securities during the first quarter of this year, a 3.4 percent decline from the fourth quarter of 2015. It was the slowest three-month volume since the second quarter of 2014, and the fourth-lowest output since the GSEs were put in conservatorship back in 2008. The slowdown stemmed...[Includes three data tables]
There was a modest 1.8 percent increase in refinance business, and refi loans accounted for over half (52.1 percent) of GSE business in the first quarter – the first time refi activity exceeded purchase lending since early last year.
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