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.)
Interplay between debt ceiling and mortgage interest rates; mortgage employment declines; rate locks down; Rithm considers spin-off; Planet Financial looking for lenders; new LO recruiting software; Blend’s market share grows; Black Knight’s margins; new appraisal marketplace; MISMO requests for comment.
The mortgage market is losing some capacity as Impac Mortgage and Finance of America move away from traditional production. The moves follow steep losses at the companies in recent years.
A handful of homebuilder mortgage-banking operations helped improve an otherwise dreary fourth quarter for nonbank lenders. However, four companies have not posted year-end results. (Includes data chart.)
Earnings generated by banks and thrifts through mortgage-banking activities fell again in the fourth quarter. Chase was among a handful of larger players to buck the trend, based on an analysis of call reports. (Includes data chart.)
Mortgage companies waiting for the market to improve; some high marks on MSRs; Ishbia ready to dedicate more time to UWM; Equifax offers expanded credit reports; House approves bill to set minimum federal standards for remote online notarization; Better launches mortgage product for Amazon employees.
The seven nonbank mortgage companies tracked by Fitch Ratings don’t have any unsecured debt set to mature this year, and only Freedom Mortgage has a relatively small amount of unsecured debt that will mature in 2024.
The industry goliaths reported huge declines in earnings from their mortgage banking operations in the fourth quarter, driving the sector to its weakest profits in more than a decade. (Includes data chart.)
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