Volumes are down and lenders are racing to cut costs, but some of their approaches may not be the best for long-term success, a Stratmor analyst said. He suggested lenders update their LO comp structures.
SEC approves Better-Aurora merger; FICO increasing mortgage revenue as originations decline; Rithm to spin off most of its origination/servicing business; impact of revised capital requirements for large banks.
Proposal for higher capital requirements on mortgages at larger banks expected next week; House passes defense spending bill without RON provision; Umpqua Bank selling one-third of its MSRs; MISMO publishes fee- naming guide; PrimeLending offering fast loan approvals; lender offers AI chatbot to potential borrowers.
Low-income borrowers could divert some of their downpayment funds to a reserve account that would pay loan costs during emergencies in a pilot program proposed by the Urban Institute.
Home prices expected to decline; FTC hearing on ICE/Black Knight delayed; legal services for AI usage; MISMO updates; accounting proposal on acquired assets.
Originations were down in the first quarter, but gain-on-sale margins improved. Having a hand in the servicing business helped some firms turn a profit.
Mortgage-banking income at banks and thrifts increased by 36% in the first three months of 2023. Still, earnings were below the levels seen in the first quarter of last year.
Banks with higher IT expenditures are significantly less likely to reject the applications of borrowers that are observably riskier, according to new research.
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