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.)
Freddie Mac’s pilot program could dramatically reduce the frustrations lenders face due to repurchase requests for performing loans. For now, the initiative covers 15 lenders.
Counterintuitively, the bi-merge will increase the number of credit pulls necessary to complete the average mortgage loan application. Consumers will ultimately pay for those extra pulls.
Over the years, warehouse finance has been a good business for Texas Capital, but the pain suffered by its nonbank clients over the past year has affected the bank as well. Relief could come when the Fed starts cutting rates.
The commission structure for real estate agents looks likely to change as the National Association of Realtors and brokerages face charges of price fixing. The move is unlikely to have a major impact on mortgage lenders.
Banks, nonbanks and consumer advocates have major concerns about a proposal to adjust capital requirements for large banks. The proposal would touch on mortgage lending, MSRs and warehouse lending.
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