During refinance booms, loan officers can be worth their weight in gold but during a downturn LO costs need to be adjusted. That reckoning may be underway now.

Sales of both existing and new homes declined on a monthly basis in April. Still, home sales and mortgage originations are expected to pick up as interest rates decline.

Originations of government-insured mortgages increased by 11.0% in the first quarter of 2024 compared with the previous quarter. Conventional-conforming and nonconforming products lost share during the quarter. (Includes two data tables.)

The private market is providing adequate liquidity for closed-end second liens, according to the American Bankers Association. The trade group also questioned Freddie Mac’s motivations for a proposal to acquire seconds.

Economists pick through the mortgage data to try to understand when things will get better for the industry.

A few years back, Better looked like a sure thing: It boasted state-of-the art origination technology. Today, the nonbank is bleeding red ink and dependent on a convertible note held by a Japanese multinational.

A decline in interest rates near the end of 2023 drove up refi volume. Meanwhile, purchase-mortgage lending declined slightly on a sequential basis as seasonal factors limited demand. (Includes four data tables.)

Another long-time player is exiting warehouse lending. The twist: There’s nothing wrong with Flagstar’s nonbank business. The problem is that the depository is owned by NYCB, which needed an investor-infusion earlier this year.

A consumer advisory board meeting convened this week by the CFPB included an emphasis on issues in the mortgage market.

Some see Freddie Mac’s proposal to acquire second liens as a way to boost originations of the products. Others suggest that GSE involvement in the sector will have minimal impact as demand from borrowers appears to be limited.