The industry increased profits on the production side of the aisle by pushing a higher volume of business through their platforms, reducing per-loan costs for personnel, occupancy and technology. (Includes data chart.)
Some lenders that were looking to throw in the towel after a rough first quarter experienced strong originations and returned to profitability as interest rates fell, putting the brakes on M&A activity.
The Federal Reserve cut rates by 25 basis points this week, assuring mortgage lenders strong operating conditions in the months ahead. Still, the production outlook is a bit darker for 2020.
Flagstar increased its servicing portfolio by about 50% on an annual basis as of the end of September while no other bank servicer in the top 20 posted double digit gains.
A lack of data standardization is holding back adoption of digital mortgage processes, according to a survey of tech vendors. Fannie Mae is urging the industry to adopt standards set by MISMO.
The number of eNotes being added to the MERS eRegistry is sharply increasing, indicating a growing use of eClosings. Some 36,000 eNotes were added in the third quarter compared with 17,000 in all of 2018.
RSS