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.
Among publicly traded mortgage shops, Lending Tree CEO Doug Lebda took home the most bacon last year: $42.3 million in total compensation. But what do CEOs at private firms earn? The answer is not simple.
California remained the largest source of insured home loans securitized by Fannie, Freddie and Ginnie in the second quarter, and it had relatively large concentrations of FHA and VA mortgages.
Falling interest rates are sometimes a bad thing — case in point is Mr. Cooper and negative MSR marks. Also, it’s been somewhat quiet on the M&A front but perhaps a change is in the wind.
Interest rates are falling, refis are increasing and optimism abounds among many mortgage professionals. However, hiring has not been robust this spring but all that may soon change.
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