Underwriting standards on jumbo mortgages tightened in March and April amid volatility from the coronavirus. The spread on interest rates for jumbo mortgages is also wider than it was before March.
After an initial public offering involving Quicken Loans and affiliated companies is completed, founder Dan Gilbert will retain 79% of the voting power in the common stock of the new entity, Rocket Companies.
Heavy rate-term refinances and cash-out transactions accounted for much of last year's big gain in first-lien originations. Denial rates were down in nearly all categories. (Includes data chart.)
Within the mortgage industry, brokers appear to be the majority of borrowers under the Paycheck Protection Program, with 601 companies submitting successful applications.
Mortgage firms need to reassess their fair lending programs to check for discrimination based on sexual orientation and gender identity, according to industry attorneys.
The CFPB wants to base QM status on a pricing metric rather than approval by the GSEs. Most mortgages would remain QMs but some business could shift to the non-agency market.
Nonbanks accounted for a record 63% of production by the top 100 lenders in the first quarter. Meanwhile, industry economists project a sharp drop in volume in the third quarter. (Includes two data charts.)
Until mid-month, many nonbanks were writing loans hand-over-fist, but warehouse capacity in the COVID-19 era is running low. Also, there’s a snafu at BNY Mellon.
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