Loan applications took a dive last week but for the most part lenders remain optimistic about the months ahead. Meanwhile, a fintech lender plans to buy a bank, an industry first.
Low interest rates are holding back buyers of MSRs but don’t tell that to New Residential Investment Corp. The REIT keeps acquiring bulk servicing portfolios.
Rates were lower at yearend than Sept. 30, which means MSRs owners can relax and take profits on the asset. Next week, when the megabanks begin reporting 4Q results, we’ll know just how good the numbers are.
2019 seemed like a slow year for mortgage-related acquisitions, but if you look beneath the surface, deals were getting done, particularly in the non-QM sector.
Investment bankers that buy and sell mortgage servicing rights are starting to feel like the Maytag repairman. But deal activity is set to improve in the first quarter of 2020, or so they hope.
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