Applications stumbled in early February; rate locks increased in January; consulting firm opposes ICE’s planned acquisition of Black Knight; FHA ditches paper filing; Black Knight adds eNote and eVault tech.
The industry goliaths reported huge declines in earnings from their mortgage banking operations in the fourth quarter, driving the sector to its weakest profits in more than a decade. (Includes data chart.)
Looking to cut costs, mortgage lenders are planning to reduce the amount of money spent on technology. That might not be the best choice, given that originations will bounce back, eventually.
Fairway Independent Mortgage, the nation’s fifth largest reverse mortgage lender as of the end of September 2022, plans to invest “unprecedented resources” to achieve its goal.
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?
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