Even considering factors like credit score and income level, the denial rate for Black mortgage applicants is more than twice that of white applicants, according to an analysis of confidential HMDA data.
NYCB closes Flagstar’s non-bank branches; FHA offers new incentives for servicers; home prices decline again in November; MBA writes to FHFA on the cost of doing business with the GSEs; new products aimed at newly-constructed homes; MISMO offers loan limit tool.
The delinquency rate on loans in agency MBS increased gradually between March and September, then spiked during the fourth quarter. (Includes data chart.)
Last year was a barn-burner for MSR sales. But so many nonbanks need to sell this year that too much supply has resulted in weaker pricing. What’s a mortgage banker to do?
Officials at the bank suggest Wells won’t take much of a hit from the loss of correspondent production. And profitability on the servicing side is expected to improve as the portfolio shrinks.
Fannie and Freddie will institute their own models for assessing the values of MSRs held by seller/servicers, even if those MSRs are for mortgages not owned or guaranteed by the GSEs.
Rocket is known for refis. Demand for refis is limited due to rising interest rates. So Rocket is taking steps to boost originations of purchase mortgages.
A congressionally mandated update to the Internal Revenue Service’s Income Verification Express System is causing some alarm among mortgage trade representatives. The update was meant to save time by moving the system from a fax-based process to a real-time, digital one.
Rate locks declined in December and loan applications fell to levels last seen in 1996. Interest rates are to blame. Economists offer some glimmers of hope for the second half of the year.
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