The reading for the total delinquency rate at the end of March was the lowest in the 20-year history of Inside Mortgage Finance’s large servicer delinquency index. Delinquencies are projected to increase as unemployment rises. (Includes data chart.)
Last year was a trying year for most lenders. Among publicly traded shops, Rocket’s Jay Farner was one of the highest paid CEOs in the land, topping Mat Ishbia at United Wholesale Mortgage.
2022 was a tough year for lenders, servicers and others who make their living off of residential mortgages, which usually means lower pay for senior staff. But a review of early proxy filers revealed a few CEOs got nice raises.
Based on recently released HMDA data, first-lien originations in 2022 totaled an estimated $2.325 trillion, down 47.6% from the previous year. (Includes two data charts.)
When nonbanks hurt, so too do their warehouse bankers. Just how bad is it? Many originators in the primary market are struggling to post a profit, violating their contractual covenants. (Includes data chart.)
Subservicing vendors don’t seem to be adding to their contract base these days with a few isolated exceptions. A reflection of fewer new loans being created or something else? (Includes data chart.)
The delinquency rate was pushed up during the fourth quarter by a weakening economy and inflation. The unemployment rate is projected to increase this year, which will likely drive delinquencies higher. (Includes data chart.)
Most subservicing specialists have experienced tepid growth the past few quarters. The reason? A red-hot bulk sales market is one possibility. Meanwhile, a few top-ranked vendors are about to have new owners. (Includes data chart.)
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