At the very least, mortgage executives are hoping for a delay in the implementation date on the new refi fee promulgated by Fannie Mae and Freddie Mac.
Despite a sharp drop in GDP in the second quarter, Fannie economists expect mortgage originations to reach $3.4 trillion in 2020, the most since the banner year of 2003.
The mortgage industry can expect more enforcement actions from the Consumer Financial Protection Bureau for the rest of the year, particularly related to fair lending issues, according to stakeholders.
The primary market tilted more heavily to conventional-conforming production in the second quarter as lenders rode soaring consumer demand and hefty profit margins to sell loans to Fannie Mae and Freddie Mac. (Includes two data charts.)
Strong demand for jumbo mortgages helped support origination volume in the second quarter even as many banks tightened underwriting standards for the loans.
The much-anticipated IPO of origination market leader Rocket Companies commenced Thursday morning but at a reduced offering price. Surprising? Not really, but some analysts are worried about lending volumes for 2021 and beyond.
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