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.)
Thousands of mortgage workers have been handed pink slips this year as companies move to cut costs. But it appears many shops aren’t telling the states, as required by law. Is there a rational explanation?
In a few weeks, the nation’s nonbanks will begin disclosing third-quarter results. Based on what depositories have been reporting so far, the nonbanks had a trying time of it in the origination market. Surprised?
Nonbanks continued to broaden their footprint in agency mortgage servicing during the third quarter, particularly the Ginnie market. Bulk MSR acquisitions played a role in that.
Fannie, Freddie and Ginnie saw a modest 4% increase in purchase-mortgage business during the third quarter, not nearly enough to offset the ongoing collapse in refinance activity. (Includes two data charts.)
RSS