No secret here: Nonbank mortgage companies are living off their mortgage servicing rights during the industry’s sizable downturn. How much longer can it last? Hard to say, but Fitch has some concerns.
Mat Ishbia’s UWM now has bragging rights to being the largest home lender in the land. His view on the market: up to 15 more months of tough sledding. As for profit margins, he may have to drive them lower.
The lender is in talks with the Consumer Financial Protection Bureau to resolve several possible violations in its auto lending, mortgage lending and consumer deposit programs. Wells already holds the record for the highest fine issued in connection with a CFPB enforcement action.
It’s been a roller coaster ride for Finance of America and its shareholders. Rising rates have hammered its business lines and it’s anticipated the company will exit the MSR arena. FoA went public just over 18 months ago.
UWM’s CEO, a former college basketball player, is contemplating making a bid on the NFL Commanders franchise. Will it come to pass? Meanwhile, one large non-QM shop is ready to make retail cuts.
It had to happen eventually: The sale of bulk MSR portfolios has lessened noticeably in the fourth quarter, with some buyers actively low-balling their bids. And if rates fall to 5.5% next year, as some predict, the days of asset markups will be in the rearview.
Some of the nation's largest direct-to-consumer lenders are taking a peek at FoA’s retail network to see if they can pick up some ancillary locations. FoA is in the midst of a massive and costly restructuring brought on by the production downturn.
After years of court maneuvers, the most prominent of the Fannie Mae/Freddie Mac shareholder lawsuits finally went to trial. Now it’s in the hands of a jury.
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