But there’s also a dark side to the rate plunge: The servicing side of the mortgage business is looking at mark-to-market bloodbaths that could be the norm if rates don’t snap back by the end of the current quarter.
According to Anthony Hsieh, founder and CEO of top-10 lender loanDepot, the mortgage industry might want to ponder creating a “reservation” system for incoming applicants.
Wells Fargo: “Like everyone, we are seeing an increase in mortgage application volume driven by lower rates. In order to help provide the best possible service to our customers, we continue to hire underwriters, processors and closers..."
“Mortgage originators are looking at record earnings for the first quarter,” said Chuck Klein, managing director of Mortgage Banking Solutions, Austin, TX, a consulting firm engaged in warehouse reviews and M&A activity.
Justice Kavanaugh stuck mostly to his already-established views: The for-cause removal provision is unconstitutional, and should be severed from the statute. Many of Kavanaugh’s questions centered on the severability of the provision.
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