San Diego-based Guild Mortgage said it’s buying origination assets from one of Utah’s largest lenders. Given the recent jump in interest rates, some believe the “roll-up” of shops is just getting started.
A mini-price war from UWM and it’s not even March. As one warehouse veteran put it: “It’s a little like the old Rockefeller tactic of pricing out the competition. It seems to work, but at a cost.”
Banking regulators appear to be taking criticism of their capital requirements proposal to heart. The impact the proposal would have on the mortgage market remains a major issue.
The MBA is taking its concerns about rising costs associated with obtaining credit scores to the FHFA, CFPB and FTC. A CFPB official said the regulator is willing to consider looking into the issue.
Five Democrats in the Senate wrote to the Fed this week pushing for a reduction in interest rates. The senators made their case by citing high costs for mortgages and a limited supply of homes for sale.
Very few lenders managed to increase loan production in the fourth quarter, while quite a few saw declines of 20% or more. First-lien mortgage originations in 2023 marked the lowest annual output since 2014. (Includes two data tables.)