For the first nine months of 2014, the group reported $10.94 billion in net mortgage-banking income, a stunning 43 percent decline from the same period in 2013
The top contributor to the new jumbo MBS from FirstKey is CMG Financial with a 13.8 percent share. Cornerstone, Bank of Internet and Impac also provided product.
Mortgage brokers and correspondents helped fuel the surge in agency mortgage-backed securities issuance during the third quarter of 2014, according to a new Inside Mortgage Trends analysis of loan-level MBS data. Correspondents originated 35.0 percent of the loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the third quarter, up slightly from the first two quarters of the year. Likewise, the share of broker originations edged up to 11.3 percent in the most recent three-month period.Wells Fargo ranked as the biggest seller of third-party originations during the first nine months of the year. The company pulled out of the broker market, although a few such loans trickled into agency MBS this year, but correspondents accounted ...
Freedom Mortgage recently broke into the top 10 ranking of mortgage originators and doesn’t look to be stopping there. Through the first nine months of 2014, Freedom produced $16.4 billion in originations, a 28.5 percent increase over the same period last year. That’s a huge increase at a time when overall mortgage origination volume dropped a whopping 44.2 percent. Last week, Freedom announced a deal to acquire Continental Home Loans, a retail lender focused on the New York metro market. Freedom officials said the deal, structured as an asset acquisition transaction, will boost its monthly production volume to $2 billion. That would raise the firm a notch or two in the rankings. Beefing up its retail presence was one reason ...