A few years back, we didn’t hear much about mortgage firms selling debt, at least not publicly. Today, debt sales are becoming commonplace, but for how long?
Credit-risk transfer transactions offer capital relief for banks and strong yields for investors. A CRT from Texas Capital Bank could only be scratching the surface of the potential of such deals.
An appraisal company failed to note that improvements to a refinanced property happened to encroach on neighboring land, but the lender, First Community Mortgage, couldn’t pin losses on the appraiser.
Mortgage banking income appeared to benefit from both rising gains on sale and stronger net servicing income. The top three banks reported lower earnings from mortgage banking.
Black Knight increased its earnings in the third quarter of 2021 compared with the prior quarter while Blend Labs took a loss after earning a small profit in the second quarter.
Lenders are at the mercy of United Wholesale Mortgage’s pricing decisions, according to UWM’s president and CEO; Finance of America is seeing better returns from reverse mortgage lending than from traditional mortgages; the IRS released guidance on the Homeowner Assistance Fund.
With interest rates on the rise, refinance volume is expected to drop in 2022. Purchase-mortgage lending could hit a record level, but it won’t fully offset the loss in refis, putting pressure on margins.
Fitch revised its outlook for Provident Funding Associates to negative due to competition in the wholesale channel but upgraded its rating of UMM’s unsecured debt. MISMO is seeking comments on tech that would help obtain MI quotes.
Mortgage bankers continue to search for new talent, particularly in the non-QM sector. However, the overall mortgage employment reading declined recently. An aberration or something else?
RSS