Third-party originator channels posted relatively large gains in production volume during the third quarter of 2016, according to a new analysis and ranking by Inside Mortgage Finance. An estimated $244.0 billion of first-lien mortgages were originated by correspondent sellers and mortgage brokers during the third quarter, up 16.2 percent from the previous period. The bigger gain was in the correspondent channel, where production jumped 16.4 percent during the third quarter, several points higher than the 13.7 percent increase in total first-lien originations. Retail remained...[Includes four data tables]
Mortgage applications rose 5.5 percent for the week ending Nov. 18, 2016, versus the prior week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The Refinance Index declined 3 percent from the previous week to its lowest level since January 2016. The seasonally adjusted Purchase Index increased 19 percent from one week earlier. …
Fairholme Funds officials this week continued to press their case for restoring shareholder rights for private investors in Fannie Mae and Freddie Mac, expressing hope that the incoming Trump administration will be friendlier to their cause.
Some of the public comments submitted to the CFPB regarding its TRID 2.0 clarifying rulemaking highlight tensions and rivalries that have emerged between different factions in the homebuying and mortgage-making industry since the original integrated disclosure rule took effect.
In a development of keen interest to mortgage loan officers, a federal judge in Texas this week granted states’ motion to block the Department of Labor’s controversial overtime pay final rule set to take effect on Dec. 1, 2016.
Commercial banks and savings institutions racked up $5.18 billion in mortgage-banking income during the third quarter of 2016, a huge 44.6 percent increase over the three-month period ending in June, according to a new Inside Mortgage Trends analysis of call report data.
After much speculation, the Federal Housing Finance Agency raised the 2017 conforming loan limit for Fannie Mae and Freddie Mac mortgages to $424,100. This is the first time the loan limit climbed above $417,000 in 10 years.
The MBA is considering its options to appeal the FTC's decision regarding the trade group's request for a mortgage-servicing exemption under the Telephone Consumer Protection Act.
The HFPC noted that most of the potential mortgages would have gone to borrowers with credit scores below 660, and to a lesser extent, to borrowers with credit scores between 660 and 700.
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