The agency single-family servicing market grew more rapidly in the second quarter of 2023, with nonbanks racking up most of the gains. Ginnie remained the fastest-growing sector.
It’s all how you look at it. Right? The early results show a turnaround in bank mortgage lending on a sequential basis for the second quarter but ugly drops compared to a year ago. The problem: 7% mortgages.
Home prices were expected to come down this year due to affordability issues stemming from high interest rates. Instead, home prices look fairly firm thanks to housing supply/demand dynamics.
Experts call for ongoing, intentional and collaborative efforts across federal agencies to combat racial disparities in homeownership and access to housing financing.
If ever there was a Horatio Alger story for the mortgage industry it’s Angelo Mozilo, the co-founder of Countrywide Financial. The recently deceased Mozilo proved that nonbanks could compete with the megabanks. Then the subprime crisis happened.