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.)
The Federal Housing Finance Agency will eliminate certain upfront loan-level price adjustments while implementing “targeted” increases for most cash-out refinance transactions. The agency also approved two new credit scoring models for Fannie and Freddie.
With all the layoffs this year, it stands to reason that finding loan officer talent would be an easy task. But that’s not necessarily the case. Overall, the LO landscape remains competitive.
As bad as originations were this year, 2023 is projected to be worse. Purchase-mortgage business is expected to decline even as mortgage rates come down and home prices level off.
Mr. Cooper posted a respectable profit for the third quarter, but challenges remain. Behind the scenes, this top-10-ranked shop has been both buying and selling bulk mortgage servicing rights.
In a few weeks, the nation’s nonbanks will begin disclosing third-quarter results. Based on what depositories have been reporting so far, the nonbanks had a trying time of it in the origination market. Surprised?
It’s been tough sledding for Finance of America this year but it has plenty of company. Then again, the shop is under extra scrutiny since it was once the property of The Blackstone Group.
A top executive in Truist’s mortgage department is moving on. Meanwhile, insiders at loanDepot keep selling shares. In a few weeks, the nonbank will release 3Q results. Should we read something into the selling?
Repo lines, a type of warehouse financing, are being trimmed left and right these days as originators move to save money. A surprise? Not exactly, but it seems the filers are proliferating.
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