Banks reported a 10% drop in retail originations through their mortgage banking operations in the second quarter. Loan sales also declined and likely continued to in the third quarter. (Includes two data charts.)
Incenter Appraisal Management launched a remote appraisal service, United Wholesale Mortgage is allowing brokers to bypass appraisal management companies and Fannie Mae is looking to reduce appraisal bias.
Lenders reported measurable declines in income from originations and secondary market as production volume fell and per-loan costs rose. MSR valuations hit servicing hard. (Includes data chart.)
Bank call-report data show a huge drop in mortgage banking income from the first to the second quarter, but several top banks reported big gains. (Includes data chart.)
When an industry thrives, its chief trade organization usually thrives as well. But not in FY20, when COVID-19 and accounting entries from the year before nicked MBA’s bottom line.