Correspondent originators are better at finding purchase-mortgage business, and that’s why the channel’s market share rose in the second quarter. Brokers saw the biggest decline. (Includes six data charts.)
Purchase-mortgage originations saw a healthy gain in the second quarter, but not enough to offset plunging refinance activity. Production was up in jumbo and ECM lending. (Includes two data charts.)
After cutting interest rates on its products in late June, UWM expects its gain on sale to decline from 99 bps in the first half of this year to as low as 30 bps in the third quarter.