JPMorgan, in particular, was an origination laggard, funding $24.2 billion in home mortgages during the second quarter, a 13.8% decline from the first three months of the year.
Efforts to turn Ocwen around appear to be working. The publicly traded nonbank earned $2.0 million in the second quarter and officials there suggest the lender/servicer will be profitable next year.
Overall, refinances accounted for 64.2% of new business compared to a reading of 60.1% the week before. The trade group’s purchase index decreased 6.0%
The venerable agency MBS platform set production records in both the third and fourth quarters of 2019, caught its breath in early 2020, and then rose 12.7% to a new high in the April-June cycle.