Retail lending, which includes traditional loan-origination offices and consumer-direct operations, was down 60.0 percent from the first quarter of last year, slightly worse than the 58.0 percent downturn in the overall market.
Seven lenders reported net losses during the first three months of 2014, but 12 of the firms showed stronger results than they had in the fourth quarter of 2013.
Taken as a barometer of industry activity, Wells Fargo's prediction is hardly good news for a business that is facing an ugly 40 percent decline in fundings this year.
Loan modifications that reduce principal and interest payments by at least 10 percent perform significantly better than other mods, according to the Office of the Comptroller of the Currency.
The Mortgage Bankers Association continues to trim its production forecast for 2014 as the year progresses. Still, some lenders are hopeful and most of them are nonbanks.
Correspondent mortgage originators accounted for a little over a third of the single-family mortgages securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the first quarter of 2014, but they are an unusually rich source of the industry’s most prized commodity, according to a new analysis by Inside Mortgage Trends. Some 68.7 percent of correspondent-originated loans were purchase-money mortgages, the highest such ratio for ... [Includes one data chart]
Combined net income for the 12 Federal Home Loan Banks fell 18.4 percent to $555 million in the first quarter of 2014, down from $680 million in the fourth quarter and a more modest 4.3 percent decrease compared to the same period last year, according to the Federal Home Loan Bank Office of Finance. The decrease resulted primarily from a decline in non-interest income and an increase in non-interest expense, partially offset by an increase in net interest income, explained the Office of Finance.
Fannie: Single Point of Contact Lessens Foreclosure Risks. Offering a single point of contact who is plugged into the case of a distressed borrower greatly lessens the chance of that mortgage reaching foreclosure, according to a new study from Fannie Mae. During a press call with reporters last week, Leslie Peeler of Fannie’s National Servicing Organization noted that the research conducted by the GSE involving five large – but unnamed – mortgage servicers using the SPOC model concluded that homeowners dealing with the same individual were twice as likely to receive and accept a modification.
RSS