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.)

As nonbanks go, so too goes the warehouse lending sector. Enough said on that score. The second quarter brought additional deterioration in commitment levels. (Includes data chart.)

The top 22 executives at the nation’s publicly traded nonbanks earned a stunning $268 million in 2020, only to see that number get hammered last year, according to an analysis by IMF.

The mortgage industry is facing challenging times, thanks, in part, to the Fed’s constant rate hikes. Fighting inflation is a laudable goal but lenders wonder how badly the housing-finance system might be damaged.