Almost across the board, conventional and government lenders took it on the chin in terms of originations last year, but two of the largest producers of non-qualified mortgages — the Angel Oak family of companies and Citadel Servicing Corp. — excelled.
It didn’t really matter much what part of the mortgage market lenders focused on in late 2018, production fell by roughly equal degrees in the major product groups, according to an exclusive new Inside Mortgage Finance analysis. [Includes two data charts.]
Two large lenders saw a decline in origination volumes in the fourth quarter because they weren’t willing to compete on price, officials at the firms said.
Originations of first-lien home mortgages dropped 14.9 percent from the third to the fourth quarter of 2018, according to an exclusive new analysis and ranking by Inside Mortgage Finance. [Includes two data charts.]
The nation’s megabanks reported weak origination figures and non-cash writedowns on their servicing assets for the fourth quarter. Wells Fargo, JPMorgan Chase, and USB suffered the most. [Includes one data chart.]
Socialist Rep. Alexandria Ocasio-Cortez, D-NY, will sit on the House Financial Services Committee, which oversees banking, mortgages, as well as Fannie Mae and Freddie Mac.
Scheduled speakers included Housing and Urban Development Secretary Ben Carson, Kasper and Edward DeMarco, former acting Director of the Federal Housing Finance Agency.
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