A smaller share of new Fannie Mae/Freddie Mac purchase business were recorded in the highest risk category. In the third quarter, most GSE loan acquisitions had credit scores of 740 and up. (Includes two data charts.)
Although residential originations remain strong, the loan brokerage sector has been steadily cutting jobs since the spring, according to the U.S. Bureau of Labor Statistics. Industry players question the numbers.
For the fiscal year ending Sept. 30, 2018, MBA took in $65.1 million of revenue versus expenses of $54.4 million, according to a newly released tax filing. Roughly half of its annual revenue comes from its hugely popular annual convention.
Seven publicly held nonbanks reported a combined loss of $47.8 million on their mortgage banking operations in the second quarter as interest rate volatility hammered their servicing books.
Originations are booming but the government’s latest reading on mortgage employment wasn’t exactly encouraging. Still, interviews conducted by Inside Mortgage Trends reveal that many shops are looking to hire.
TD Bank was the top volume gainer among residential lenders in the second quarter but barely made the top 50 volume ranking in the first half of the year. Moral of story: the bigger you are, the harder it is to post huge percentage gains.
Who says the stock market isn't receptive to mortgage companies these days? Don't tell that to New Rez and Sachem. Meanwhile, the MSR bulk auction market is springing to life once again.
Expiration of the GSE “patch” will shift more risk to private securities and away from Fannie and Freddie. But, according to CoreLogic, dismantling the loophole will impact millennial borrowers and retirees.
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