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.)
The Mortgage Bankers Association barely turned a “profit” last year even though originators had a banner year. If you’re guessing the reason for the performance is COVID, move to the head of the class.
Banks, thrifts and credit unions all reported sizable increases in their retained single-family mortgages. And home-equity debt outstanding was up for the first time in 14 years. (Includes two data charts.)
Depository institutions’ share of mortgage originations grew for the fifth straight quarter during the April-June cycle, but nonbanks still dominated the market. (Includes two data charts.)
RSS