Retail mortgage-production units accounted for 63.0 percent of new originations during the third quarter of 2013, according to a new analysis and ranking by Inside Mortgage Finance. That was up slightly from a 62.8 percent retail share of new production during the second quarter, and it represented one of the highest levels of retail-channel dominance ever. The share of retail originations has soared over the past few years as many major lenders have scaled back their broker and correspondent operations. But all three production channels showed...[Includes four data charts]
Mortgage brokers accounted for 9.6 percent of all loans originated in the the third quarter, one of the lowest readings ever, according to exclusive survey figures from Inside Mortgage Finance.
Tom Popik, research director of Campbell Surveys, said buyers have a number of incentives to pay with cash. “You get about a 10 percent discount on the purchase price,” he noted.
Mortgage industry officials note that the size and complexity of the disclosure rules and other regulations taking effect in January will cause huge operational and system challenges.
Mortgage lenders will have until Aug. 1, 2015, to implement the new integrated mortgage-disclosure forms and related rule issued by the Consumer Financial Protection Bureau this week. The new forms will replace the existing federal disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act. Bureau officials hope they will help consumers better understand their options, choose the deal that’s best for them, and avoid costly surprises at closing. The new, three-page loan estimate form will be provided...
The CFPB has come up with a new three-page loan estimate form ("Ficus") that must be given to borrowers within three business days after they submit a loan application.
Wells Fargo once again ranked first among issuers with a market share of 29.6 percent, followed by Chase Home Finance (12.1 percent), and U.S. Bank (3.8 percent).
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