Flexible nonbanks weathering the storm; layoffs continue at mortgage companies; tepid demand for mortgages on new homes; best execution analysis; Rocket preps AI offering; Equifax boosts mortgage-related revenue.
Two large nonbank retail lenders took losses in the fourth quarter, with officials stressing that better days are ahead. Guild is growing through M&A while loanDepot is reducing its staffing.
Cyberattack will cost loanDepot at least $12 million; average borrower has nearly $300,000 in home equity; home prices overvalued across the country; MSR gain some value; new servicing platform from Sagent; MCT offers TBA pricing indicators; lender launches real estate platform.
The banking industry reported a slight contraction in its servicing for others in the fourth quarter of 2023. Wells Fargo accounted for a significant share of the industry’s decline. (Includes data table.)
Lenders cut more staff; rate locks up 14% in January; borrowers have plenty of equity; bill to limit trigger leads in House; LoanCare revamps servicing website; Staircase launches ChatMTG.
Several top buyers of bulk agency MSR in the fourth quarter also sold some servicing as they rebalanced their portfolios. Lakeview was the top buyer in both bulk and coissuance deals. (Includes three data tables.)
Delinquencies on loans in agency MBS increased across the board in the fourth quarter of 2023. The rate of performance deterioration quickened compared with trends earlier in the year. (Includes data table.)
While originations are expected to increase this year, margins might not improve much; First American back online following cyberattack; MSR demand expected to remain strong; held-to-maturity accounting lives on; new digital servicing platform; new buydown program.
Lower interest rates have been particularly impactful in the market for new homes; MBA projects a mild recession in the first half of 2024; new MISMO working group initiated by the GSEs; technology for closing disclosure forms.
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