The fintech that promised to smooth out borrowers’ home transitions with cash offers and “sell before you buy” financing has shut shop, citing market conditions and difficulty raising capital.
Most top lenders saw their production distribution shift dramatically toward purchase-mortgage lending in the second quarter. And nearly all shops reported declining refinance activity. (Includes four data charts.)
The top 22 executives at the nation’s publicly traded nonbanks earned a stunning $268 million in 2020, only to see that number get hammered last year, according to an analysis by IMF.
Mortgage lenders are trying to cut costs as quickly as possible as originations evaporate. Only so many companies can survive a much smaller market, turning the business into a game of musical chairs.
Big banks boosted their appetite for jumbo mortgages in the past decade thanks to regulatory changes following the 2008 financial crisis, according to a new finding from the Federal Reserve Bank of New York.
The mortgage industry is facing challenging times, thanks, in part, to the Fed’s constant rate hikes. Fighting inflation is a laudable goal but lenders wonder how badly the housing-finance system might be damaged.
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.)
RSS