The correspondent channel’s share of originations increased for both conventional-conforming loans and nonconforming mortgages in the third quarter, according to a survey of lenders. Meanwhile, brokers gained share in the government-insured market. (Includes two data tables.)
Combined, banks and thrifts reported $2.21 billion in mortgage-banking income during the third quarter, a slight increase from the previous period. Through the first nine months of the year, industry earnings were up 8.7% from the same period in 2023. (Includes data table.)
Sales of mortgages by banks increased by 20.5% in the third quarter even as the top bank reduced its sales. Eight of the 10 top banks boosted their sales from the second quarter. (Includes two data tables.)
Federal Reserve researchers found that pandemic-era interest rates reduced mobility by 44%, as many homeowners are reluctant to let go of their low interest rates.
More needs to be done to close the racial and ethnic homeownership gaps, according to speakers at a conference hosted by the National Association of Affordable Housing Lenders.
In a recent survey, real estate agents told HomeLight that changes to their commission structure has caused confusion for their clients and added new hurdles to the homebuying process.
Investments in customer service can help both borrowers and servicers, according to industry participants. Servicers are using AI and other tech to help borrowers and potentially generate recapture business.
Digitization will speed up the lending process and can lead to lower interest rates for borrowers, according to Anne Canfield, partner at The Majority Group.
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