A few weeks back there was some hope that, perhaps, the GSE adverse market fee might get scrapped. Not so. Meanwhile, Ocwen keeps trying to turn things around.
To address capacity constraints amid the refi boom, lenders are using overtime and hiring temporary workers. One concern is that extended use of overtime reduces morale among employees.
It appears the CFPB might still look at whether referrals are being made under MSAs and whether the payments are intended to ‘disguise’ the referral arrangement.
There’s plenty of evidence that housing isn’t as healthy as it appears. The most important data point is probably the increase in the rate of serious mortgage delinquencies, which reached 4.4% in the second quarter, the highest level since 2014.
Refinance demand continued to fuel surging business in the agency market, although Ginnie dropped a little further behind Fannie and Freddie. (Includes two data charts.)
Not only are large nonbanks contemplating IPOs but smaller shops are as well. With mortgage banking considered a cyclical business, will it end badly or is it different this time around?
Nonbanks continued to account for over half of mortgage originations in a primary market that soared to $975 billion in the second quarter. (Includes data chart.)
The MBA said a permanent, paid-for government backstop for agency mortgage-backed securities would be the ideal way to ensure a deep, liquid secondary mortgage market.
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