Correspondent production accounted for just 25% of loans sold to Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter, down from 37.0% in the previous period. (Includes two data charts.)
Only 9.2% of refi loans sold to Fannie and Freddie in the second quarter had credit scores below 700, the lowest such concentration on record. (Includes two data charts.)
The Golden State still ranked tops in most primary mortgage insurance categories during the second quarter, but Texas gained in many products. (Includes data chart.)
Retail platforms benefited the most from a huge increase in agency refinance business from the first to the second quarter. First-time buyers held on in a precarious housing market. (Includes two data charts.)
A smaller share of Fannie/Freddie purchase loans fell in the highest-risk category during the first quarter of 2020, although there was an upswing in higher-risk refinance loans. (Includes two data charts.)
Credit unions tend to offer mortgages with lower interest rates than other lenders. However, their share of originations is relatively low and the gap between them and banks in terms of interest rates has narrowed.
Despite talk that lenders would reduce loan originator compensation in 2019, comp increased on an annual basis. Lenders could reduce LO comp this year with refi business expected to decline.
Lower interest rates on mortgages are linked to an increase in birth rates, according to economists at the Federal Reserve and the Bank of England. Hard to believe? Read our story.