Despite a flurry of recent programs and proposals to address the racial gaps in wealth and homeownership, speakers at a Federal Reserve webinar said more urgency is needed.
Chairman Mat Ishbia suggests those calling for cost reductions and layoffs at United Wholesale Mortgage don’t understand the lender; impact of Biden administration’s housing plan expected to be “limited;” mortgage costs soaring.
Owning mortgage servicing rights proved to be a great counter-hedge to an ugly origination market in the first quarter. At least two nonbanks benefited: Mr. Cooper and New Residential Investment.
Delinquency rates declined across the board at Fannie Mae, Freddie Mac and Ginnie Mae in the first quarter of 2022. The only category of loans to report higher defaults was FHA loans 120 days past due. (Includes data chart.)
Officials from Wells Fargo, Amazon and Dartmouth Health said it’s hard for companies to hire and retain employees amid the housing supply crisis. They’re taking various steps to increase homeownership.
The metaverse financing space is heating up, with major platforms handling hundreds of millions of dollars in “land” transactions last year. Whether mortgage companies should stick a toe in the water is an open question with plenty of risks and potential rewards.
CRA proposal would expand assessment areas for large banks; ICE to acquire Black Knight; Ishbia vows no layoffs at United Wholesale Mortgage; UWM competing on price; MBA concerned about kleptocrat legislation; Fairway unit offering NFTs of individual homes.
When poet T.S. Eliot wrote those immortal words about spring, he wasn’t thinking about the home-finance sector. But company headcounts are being reduced as shops plan for leaner days ahead.
Some $920.73 billion of mortgages originated during 2021 were sold to unaffiliated non-agency buyers during the year, a 19.6% increase compared with 2020. Guaranteed Rate was the top correspondent seller. (Includes data chart.)
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