Blend is taking steps to turn a profit after years of losses. The moves include increasing revenue per mortgage transaction and decreasing expenses through layoffs.
Most publicly traded banks reported rising mortgage banking income during the second quarter as production volume and gain-on-sale margins rose. But several industry leaders couldn't gain traction. (Includes data chart.)
Mr. Cooper’s servicing portfolio is expanding while the number of employees in the nonbank’s call center is declining. Investment in technology is helping to reduce costs and fuel servicing growth.
SEC approves Better-Aurora merger; FICO increasing mortgage revenue as originations decline; Rithm to spin off most of its origination/servicing business; impact of revised capital requirements for large banks.
Proposal for higher capital requirements on mortgages at larger banks expected next week; House passes defense spending bill without RON provision; Umpqua Bank selling one-third of its MSRs; MISMO publishes fee- naming guide; PrimeLending offering fast loan approvals; lender offers AI chatbot to potential borrowers.
Home prices expected to decline; FTC hearing on ICE/Black Knight delayed; legal services for AI usage; MISMO updates; accounting proposal on acquired assets.
Half of the 16 publicly traded nonbank mortgage lenders reported net losses in the first quarter. The MBA found independent mortgage bankers lost an average of $1 million, largely due to hugely unprofitable loan production. (Includes data chart.)
After a harsh fourth quarter, most banks reported rebounding earnings from their mortgage banking operations in early 2023 despite declining originations volume. (Includes data chart.)
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