Guild’s originations unit swung to profitability in the third quarter even as originations declined. Leaders of the nonbank said strong demand from correspondent buyers prompted changes in models used for calculating the value of lock commitments and mortgages held for sale.
Retail loans gained market share in third-quarter agency securitizations as the refinancing segment crumbled further. Credit quality remained good, and the rising loan sizes have stabilized. (Includes two data tables.)
The broker channel gained market share across the three major mortgage-product categories during the second quarter of 2023. In the conventional-conforming sector, the broker share hit 23.6%. (Includes two data charts.)
Community awareness of and reckoning with systemic racism following the BLM protests in 2020 appears to have led lenders to reduce the interest rate gap between Black and white borrowers.
Agency securitizations saw a healthy rebound in 2Q23 after the bleak results of the previous quarter. Retail production of purchase mortgages drove the recovery. Loan quality also improved. (Includes two data charts.)
Volumes are down and lenders are racing to cut costs, but some of their approaches may not be the best for long-term success, a Stratmor analyst said. He suggested lenders update their LO comp structures.
With Wells Fargo exiting the correspondent channel in the first quarter, no single lender filled the bank’s void. Still, the correspondent channel actually gained market share in the conventional-conforming sector. (Includes two data charts.)
An analysis of agency securitizations shows brokers gaining market share as their loan sizes increased faster than other channels. Credit scores improved somewhat but DTI and LTV ratios rose. Refis took a smaller slice of a shrinking pie. (Includes two data charts.)
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