Thousands of mortgage workers have been handed pink slips this year as companies move to cut costs. But it appears many shops aren’t telling the states, as required by law. Is there a rational explanation?
Despite significant erosion in conventional-conforming and jumbo lending in the third quarter, a few shops managed to boost originations. FHA/VA lending was relatively safer. (Includes two data charts.)
Mat Ishbia’s UWM now has bragging rights to being the largest home lender in the land. His view on the market: up to 15 more months of tough sledding. As for profit margins, he may have to drive them lower.
It’s been a roller coaster ride for Finance of America and its shareholders. Rising rates have hammered its business lines and it’s anticipated the company will exit the MSR arena. FoA went public just over 18 months ago.
UWM’s CEO, a former college basketball player, is contemplating making a bid on the NFL Commanders franchise. Will it come to pass? Meanwhile, one large non-QM shop is ready to make retail cuts.
Some of the nation's largest direct-to-consumer lenders are taking a peek at FoA’s retail network to see if they can pick up some ancillary locations. FoA is in the midst of a massive and costly restructuring brought on by the production downturn.
Not a total surprise, but the central bank hiked short-term rates by 75 basis points this week. Mortgage rates hardly budged but residential finance professionals are worried about the quarters ahead. Meanwhile, more lenders are heading for the exits.
United Wholesale Mortgage appeared to emerge as the top lender in the third quarter, though Rocket was still ahead on a year-to-date basis. With total originations slumping 22% in the third quarter, a handful of lenders managed to boost production. (Includes three data charts.)
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