Some industry executives have been predicting a correction in mortgage hiring in the coming months, with large layoffs anticipated at shops that have focused too strongly on refinancings.
One big positive for lenders: the mortgage industry could see a reduction in new rule-making from HUD and perhaps a reversal of certain regulations promulgated during the Obama administration.
Ever since the nation’s financial crisis, commercial banks and other depositories have dominated the second-lien business and likely will continue to do so in the coming years, but that isn’t stopping nonbanks from testing the waters once again. According to research by Inside Mortgage Finance, several nonbanks have slipped back into the market, albeit with muted production volumes. And many of the firms that have crept back in are partnering with depositories. The reason for the strategy is...
American International Group has announced the completion of the sale of its private mortgage insurance subsidiary United Guaranty Corp. (UGC) to Arch Capital Group Ltd. (ACGL), creating what could be the largest private mortgage insurance company in the world. On paper, the combined entity would account for 26.9 percent of the market, based on traditional flow business during the first nine months of last year. But lenders are expected to re-calibrate how they distribute their MI business and not all current UGC business will go to the merged unit. In fact, UGC saw...
RSS