NYCB closes Flagstar’s non-bank branches; FHA offers new incentives for servicers; home prices decline again in November; MBA writes to FHFA on the cost of doing business with the GSEs; new products aimed at newly-constructed homes; MISMO offers loan limit tool.
Last year was a barn-burner for MSR sales. But so many nonbanks need to sell this year that too much supply has resulted in weaker pricing. What’s a mortgage banker to do?
Officials at the bank suggest Wells won’t take much of a hit from the loss of correspondent production. And profitability on the servicing side is expected to improve as the portfolio shrinks.
Both Moody’s and Fitch expect a recession in 2023. But, unless conditions change markedly, they predict the impact on the housing market will be limited on a national basis.
Servicing became less profitable for many lenders in the third quarter, and it was pressed to cover further deterioration in loan originations and secondary market. (Includes data chart.)
The wholesale lender announced a $500 credit for borrowers seeking Fannie Mae HomePath properties. The program is one of a slew of discounts offered in the past year by lenders trying to generate volume.
The tough origination market is resulting in additional disclosures by lenders trimming their borrowing facilities. Meanwhile, the FHA reverse lending space looks solid, at least for now.
Lenders’ digitization efforts have helped improve consumer experience and reduce cycle time over the past two years, but have not been effective in bringing down costs, according to Fannie Mae.
Implementation of Ginnie’s risk-based capital requirements delayed; Fitch downgrades ratings of Finance of America, Provident; foreclosure starts decline; new alerts in Freddie’s Loan Advisor dashboard; MISMO seeks comments on three proposals; Staircase offers MSR transfer automation; LoanCare launches HELOC servicing; new LO recruitment tool.
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