SoFi expects to see further growth in its share of mortgage originations due to the acquisition of Wyndham Capital Mortgage, which provided SoFi with mortgage fulfillment processes.
Many large nonbank mortgage lenders increased production by double digits during the first quarter of 2024 while total originations were up only 3.2% from the fourth quarter. (Includes data table.)
The first quarter of 2024 was trying for most privately held nonbanks, but it appears volumes and profits turned a corner in the second quarter. The reason: cost cuts and less competition. Call it the “new normal?”
What might JPMorgan do with the relationship managers attached to the $5 billion in warehouse loans it’s buying from Flagstar? To date, JPM hasn’t talked about details of the yet-to-close deal.
Banks tightened underwriting standards for HELOCs in the first quarter and demand from borrowers declined. The only HEL lender among the top five to increase production in the first quarter of 2024 was a nonbank. (Includes three data tables.)
The CFPB has permanently banned three companies from servicing reverse mortgages. Separately, the bureau issued a proposed order against Freedom Mortgage for repeated submissions of faulty HMDA data.
Is your mortgage CEO worth $30 million a year? $20 million? That may depend on the company’s share price. It might be argued that some executives of publicly traded nonbanks earn their keep while others might be in for a case of comeuppance. (Includes data table.)
Homeownership rates and household incomes differ dramatically within the AANHPI demographic. Some 65% of Filipino-Americans own their home while just 44% of Tongan-Americans do.
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