The latest installment of the Campbell Surveys/Inside MortgageFinance HousingPulse Survey of real estate agents again found widespread, but generally minor, disruptions to mortgage closings throughout the United States due to the CFPB’s integrated disclosure rule known as TRID. TRID did affect December closings, manifesting as the second month of slight increases in closing times and in the percent of missed closings. “Most housing market metrics continue to be strong, despite the onset of TRID and the entry into the winter season,” said the report, which is sponsored by Inside Mortgage Finance, an affiliated newsletter. Further, “Closing times metrics are still showing a minor effect of TRID, and the predicted significant impact in December did not materialize.” The report also provided ...
But all is not rosy. At JPM, mortgage servicing balances continue to decline and the bank’s executives expect production margins will compress as origination volumes diminish…
The average daily trading volume for agency MBS fell to a yearly low of $149.2 billion in December, as trading desks from coast to coast continued to assess how to make money in what’s become a business of tight profit margins. Late this week, Barclays Bank unveiled a massive restructuring of its MBS and whole-loan trading business, cutting the number of employees in the division – including traders – down to 50 from roughly 100. As a structural matter, the bank is moving...
A group of five large banks posted a 7.5 percent increase in mortgage-banking income in 2015 compared with the previous year, according to a new analysis by Inside Mortgage Trends. Officials at the banks pointed to a stronger housing market along with reduced servicing costs. Wells Fargo continued to lead the industry in terms of both mortgage-banking income and originations at the end of 2015. The bank had $6.50 billion in mortgage-banking income during the year ...
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