The second quarter of 2020 generated the strongest profits from mortgage banking that the banking industry has seen in years. MSR accounting issues were a drag, but production volume and margins soared. (Includes data chart.)

On Thursday, Rocket Companies, the parent of Quicken Loans, will debut on the NYSE. If warmly received, the mortgage IPO could pave the way for other deals.

The parent company of Quicken Loans splurged $905 million on marketing last year, helping the nonbank become the second largest mortgage lender. The firm is now ready to launch an IPO.

The book just closed on the second quarter, and it appears that many nonbank originators closed more loans than they did in 1Q20.

The nonbank took a large loss in the first quarter and halted production. Officials at the firm are now betting on originating GSE-eligible mortgages through call centers to return to profitability in the third quarter.

The first quarter of 2020 marked the lowest bank earnings on mortgage banking activity since the financial crisis. A big part of the decline came from steep losses at Fifth Third and Bank of America. (Includes data chart.)

After a planned merger between Amherst Residential and Front Yard Residential fell through, the head of Altisource Portfolio Solutions expressed his displeasure with Front Yard’s board.

Lenders are making money hand over fist thanks to low interest rates and the ability to complete refis while working from home.

For a while there, during the early days of the pandemic, Impac Mortgage appeared to be on the ropes, but it’s back in the lending arena, sans its non-QM menu.

PennyMac Financial, which hedges its MSR portfolio, reported record earnings on mortgage banking in the first quarter. Its largest competitors posted huge losses. (Includes data chart.)