Seven publicly held nonbanks reported a combined loss of $47.8 million on their mortgage banking operations in the second quarter as interest rate volatility hammered their servicing books.
Originations are booming but the government’s latest reading on mortgage employment wasn’t exactly encouraging. Still, interviews conducted by Inside Mortgage Trends reveal that many shops are looking to hire.
TD Bank was the top volume gainer among residential lenders in the second quarter but barely made the top 50 volume ranking in the first half of the year. Moral of story: the bigger you are, the harder it is to post huge percentage gains.
The increase in land values is causing home prices to spike across the country, making housing less affordable. Median price per acre of land used for single-family housing increased by 27% from 2012 through 2017.
Who says the stock market isn't receptive to mortgage companies these days? Don't tell that to New Rez and Sachem. Meanwhile, the MSR bulk auction market is springing to life once again.
Expiration of the GSE “patch” will shift more risk to private securities and away from Fannie and Freddie. But, according to CoreLogic, dismantling the loophole will impact millennial borrowers and retirees.
The decline in interest rates earlier this year increased originations and income for lenders and delayed some M&A activity. The lower rates also provided lenders with time to prepare for the future.
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