The third quarter saw a sharp increase in refinance originations that appeared to give a bigger boost to government and conventional-conforming production than the jumbo market got.
Despite the uptick in rates, warehouse providers appear to be happy (for now) and, like their nonbank clients, most expect the competition to suffer and not them.
Of the $292.98 billion in non-agency jumbo mortgages originated in 2015, 3.1 percent were in areas where the loan balance would have been eligible for delivery to the GSEs under the loan limits set to take effect in January.
Given the fact that rates have moved noticeably higher since the election, it’s widely anticipated that more originators will move to trim staff before yearend if they haven’t already.
Schneider has until midnight Dec. 9 to accept the severance offer from Walter Investment Management Corp., the nation’s eighth largest residential servicer.
Fannie Mae added: “Through these actions we have demonstrated our continued dedication to providing quality care to all communities. And we remain firmly committed to continuing to provide such attention to our REO properties moving forward.”
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