Originations of jumbo mortgages increased in the third quarter of 2017 compared with the previous period, according to a new ranking and analysis by Inside Nonconforming Markets. But through nine months of the year, production was down compared with 2016 and the sector is losing market share as a handful of major lenders are seeing significant declines in their jumbo production. Demand for jumbo mortgages has declined somewhat, according to lenders ... [Includes one data chart]
Correspondent originators and mortgage brokers saw the biggest increase in production during the third quarter of 2017, although retail lending was still the dominant channel, according to a new ranking and analysis by Inside Mortgage Finance.
The sudden firing late last week of Wells Fargo’s consumer and mortgage chief Franklin Codel for an unspecified personnel matter sent a clear message to the executive ranks of the company that it will not tolerate any behavior that puts the firm in a negative light.
It’s been almost a week since the biggest staffing news to hit the mortgage industry this year – the early departure of Richard Cordray from the Consumer Financial Protection Bureau – and the Trump administration has yet to name either a permanent replacement or even an acting director. Legal uncertainty may be the reason why.
Originations of so-called expanded-credit mortgages among a group of 15 lenders were essentially level in the third quarter of 2017 compared with the previous quarter, according to a new ranking and analysis by Inside Nonconforming Markets. The lenders had a total of $10.61 billion of expanded-credit volume in the third quarter, up 1.7 percent from the previous quarter. Expanded-credit loans include non-qualified mortgages, nonprime mortgages ... [Includes one data chart]
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