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.)

Nonbanks reported a massive $1.38 million decline in mortgage-banking income during the third quarter. Most of that was because of accounting issues related to servicing.

Officials at Blend are optimistic the mortgage technology provider will reach its goal of sustained profitability in the fourth quarter.

Investments in technology are helping Mr. Cooper reduce its servicing costs and allowing the industry’s largest servicer to place competitive bids on servicing portfolios.

A court recently ruled that the fall in Rocket’s stock price following the release of first-quarter 2021 earnings was driven by substantive disclosures rather than public statements by the company’s CEO.

Trends varied significantly among banks and thrifts, with five of the top 10 reporting declines in mortgage-banking income during the second quarter. (Includes data table.)

Most lenders reported rising production volume, but shrinking margins ate into bottom-line profitability. Servicing results depended on how successful the firms were in hedging MSR. (Includes data table.)

With interest rates on mortgages set to come down, some lenders are looking to quickly adopt tech to help with originations. Blend Labs is seeing lenders use more of the tech vendor’s products and an automated refi offering is on the way.

JPMorgan Chase reported a hefty gain in mortgage-banking income during the second quarter, but most banks saw declines as gain-on-sale margins declined. (Includes data table.)

Rocket is turning profits again after taking a loss in 2023. Now the lender is working to regain the market share it lost, using various strategies for both purchase mortgages and refinances.