Agency mortgage sales plummeted across all channels in the fourth quarter as Fannie Mae expanded its market share. Rocket, PennyMac and UWM dominated retail, correspondent and wholesale, respectively. (Includes two data charts.)
Soaring home values boosted the national average equity stake in a mortgaged residential home to $185,000 at the end of 2021. The year-over-year gain: $48,000.
Leaders of New Residential and PennyMac Financial Services express a negative outlook on GOS; study finds eClosings generate a positive return on investment; Flagstar accepting applications for its mortgage technology accelerator program; borrowers surprised by the paperwork required for a mortgage; RiskSpan teams with Verisk to detail loan-level climate risk.
Detailed survey data show mortgage lenders leaned more heavily on wholesale-broker and correspondent production in the third quarter of 2021, particularly in the red-hot jumbo market.
Deliveries of retail-originated loans to agency MBS fell 16.3% in the third quarter, while wholesale-broker volume was down 9.2%. (Includes two data charts.)
Lenders are at the mercy of United Wholesale Mortgage’s pricing decisions, according to UWM’s president and CEO; Finance of America is seeing better returns from reverse mortgage lending than from traditional mortgages; the IRS released guidance on the Homeowner Assistance Fund.
Fitch revised its outlook for Provident Funding Associates to negative due to competition in the wholesale channel but upgraded its rating of UMM’s unsecured debt. MISMO is seeking comments on tech that would help obtain MI quotes.
United Wholesale ranked as the top conventional-conforming lender thanks to its dominant wholesale-broker platform. The company made a splash in the surging jumbo sector. (Includes two data charts.)
A Fannie survey finds that most recent homebuyers used no online tools to get their mortgage. The use of some digital channels actually declined during the pandemic.
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