Although only one of the 21 banks (BB&T) posted a net loss on mortgage banking during the second quarter, seven others reported lower profits than they had in the first quarter.
NAR Chief Economist Lawrence Yun: “The way they have raised premiums and fees – the way I view it and what I hear from Realtors – is essentially they are ripping off consumers. It’s almost as if HUD needs to be turned over to the CFPB to be investigated"...
Credit Suisse submitted winning bids on all of the non-agency MBS auctioned by BlackRock, with most of the securities quickly being placed with other investors.
Jeff Mezger, president and CEO of KB Home, said the first-timer share of home purchases is rising due to increased employment, noting cities in Texas as an example.
A new analysis shows that housing markets where FHA loan limits were reduced this year have seen a bigger drop in FHA business than elsewhere in the country.
Freedom Mortgage reported continued growth in originations in the second quarter of 2014, largely driven by correspondent production. The nonbank has focused on agency mortgages with strong underwriting, retaining servicing on the loans. Freedom had $5.72 billion in originations in the second quarter of 2014, a big 48.7 percent increase from the previous quarter and up 31.1 percent compared with the second quarter of 2013. Officials at the nonbank touted Freedom’s strength while originations have declined overall. “While the mortgage industry is experiencing a downturn, Freedom Mortgage has increased...
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