An estimated $490.0 billion of first-lien mortgages were originated in the third quarter, down 15.5% from the second quarter, according to a new ranking and analysis by Inside Mortgage Finance.
Rocket disclosed that it sold mortgage servicing rights with a total unpaid principal balance of $23 billion during the quarter, generating $379 million of cash proceeds.
“Our servicing business delivered strong profitability, while our production segment reported a pre-tax loss due to an industry-wide contraction in origination activity coupled with margin pressure near the end of the quarter,” said David Spector, chairman and CEO of Pennymac.
David Auld, executive chairman of D.R. Horton, noted that the company is adjusting incentives, pricing and starts to align inventory levels with current demand from potential homebuyers.
“In our experience working around the globe, it is that price [of $1 per score] is more reflective of what scores sell for,” said Chris Cartwright, president and CEO of TransUnion. “They don’t sell for $10 elsewhere.”
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