The Federal Reserve cut rates by 25 basis points this week, assuring mortgage lenders strong operating conditions in the months ahead. Still, the production outlook is a bit darker for 2020.
In January, the origination forecast for 2019 looked bleak but that was before rates began their relentless descent. Today? Optimism abounds with several shops reporting strong lending results for 3Q19.
In its thirst to expand the company’s presence in wholesale lending, Quicken Loans Mortgage Services this week unveiled big hiring plans for Detroit and Charlotte.
The Office of the Comptroller of the Currency reminded banks of a relatively new regulation that requires larger appraisal management companies to register with states before being able to provide services.
Mortgage lenders posted a net gain of $1,675 per origination in the second quarter, the best quarter the industry has seen since the third quarter of 2016, the Mortgage Bankers Association said in a recent report.