Retail lending through brick-and-mortar branches and consumer-direct programs was the biggest production channel in conventional mortgage lending but had a somewhat smaller share in government-insured lending, according to an exclusive analysis by Inside Mortgage Finance. Retail production played a dominant role in the jumbo market, where it accounted for 79.3 percent of originations over the 18-month period ending in June 2016. Correspondent production played a meaningful role, accounting for 16.1 percent of jumbo originations, but brokers (4.6 percent) had a relatively thin share of the jumbo market. Brokers’ strength was...[Includes one data table]
Some of the nation’s largest originators – including Quicken Loans, United Wholesale Mortgage and Freedom Mortgage – are reporting record originations for August, a boom that’s also resulting in headaches industry-wide: namely appraisal and underwriting delays. At this point, few are describing the delays as a crisis, but with September half over, certain originators fear that longer closing times will eat into profits while angering borrowers. “I have...
There is no clear explanation as to why VA rates are lower than the competition, but some industry participants, including Tom Piercy of Incenter Mortgage Advisors, speculate prepayments might be the reason.
The CHOICE Act also would make changes to the structure of the Consumer Financial Protection Bureau, including replacing the single directorship with a five-member board or commission.
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