All three mortgage-production channels saw increased volume during the first quarter of 2015, but brokers made the most of the rising market, according to a new Inside Mortgage Finance ranking and analysis. Mortgage brokers produced an estimated $39.0 billion of home mortgages during the first three months of 2015, an increase of 14.7 percent over the fourth quarter. That pushed the broker share of originations to 10.8 percent, the sector’s highest market share since 2010. Retail production facilities did...[Includes five data tables]
Six months into the latest representations-and-warranties framework from Fannie Mae and Freddie Mac, lenders said they appreciate the added clarity but are approaching the changes with caution as more transparency is still needed. The new rules, announced by the government-sponsored enterprises in November 2014, were made to ease lenders’ concerns about repurchase requests for loans that contain data inaccuracies or misrepresentations. During last week’s secondary market conference sponsored by the Mortgage Bankers Association, Jeremy Potter, general counsel and chief compliance officer at Norcom Mortgage, said...
Although only 13 banks reported net losses on mortgage banking during 1Q – compared to 756 institutions with net profits – several of the top players earned less than they did in the fourth quarter.
Although Associated denies that any such lending discrimination took place, it agreed to commit almost $200 million in new loans to “targeted” areas...
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