Most publicly held banks reported substantial declines in mortgage banking income in the fourth quarter. But earnings for the full year were stellar, up about 78% from 2019. (Includes data chart.)
Banks and credit unions increased their mortgage production from the second to the third quarter, but not nearly as fast as state-licensed nonbanks. (Includes data chart.)
Researchers at the think tank focused on the presence of appraisal bias during refinancing transactions because such loans “lack an arm’s length transaction.”
Correspondents increased their share in the conventional-conforming and government markets, as did wholesale-broker platforms. But TPO production was nearly shut out of the jumbo market. (Includes two data charts.)
The top three banks reported a combined $2.3 billion in mortgage banking income for the third quarter of 2020, up $1.3 billion from the prior period. (Includes data chart.)
A lot of the decline in servicing-for-others held by banks was attributable to Wells Fargo and other big players in the market. A number of mid-sized banks grew SFO in 3Q20. (Includes two data charts.)
Although gain-on-sale margins narrowed from the second to the third quarter, nonbanks reported strong results from their origination and secondary market activity. (Includes data chart.)
Wells Fargo's huge increase in mortgage-banking income accounted for nearly all the gain reported by 19 publicly traded banks. Still, the second and third quarters of 2020 were incredibly lucrative for mortgage banking platforms. (Includes data chart.)
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