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.)

Non-qualified mortgage lenders have an opportunity to gain market share in the wholesale channel as competition contracts.

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.)

Correspondent sales in 2022 declined by nearly 50%, in line with total originations. Among the top correspondent sellers, trends varied, based on an analysis of HMDA data. (Includes data chart.)

Profitability outlook; Fitch downgrades Home Point’s corporate ratings; UWM aims to limit trigger leads; New American Funding looking for joint ventures; new initiatives at MISMO.

The San Diego-based capital markets advisor’s white paper walks originators through the theory of pipeline hedging.

Although margins are better in retail production, third-party origination platforms are good sources for purchase-mortgage business and more easily scaled to market demand. (Includes two data charts.)

The mortgage market is losing some capacity as Impac Mortgage and Finance of America move away from traditional production. The moves follow steep losses at the companies in recent years.

Failed banks and interest rate risk; DOJ-Sterling Bank settlement; big banks boost First Republic; ICE to fight FTC over Black Knight deal; FHFA delays DTI fee; Guaranteed Rate offering fast approvals.

Agency securitizations of retail mortgages shrank by 36.7% in the fourth quarter as the share of refinances fell to 18.2%. Loan quality deteriorated slightly while average loan sizes continued to shrink. (Includes two data charts.)