While the staggering $2.6 trillion of refinance originations in 2020 captured most of the industry's attention, the purchase-mortgage market also hit an annual record of $1.4 trillion. (Includes five data charts.)
Warehouse providers racked up $137.0 billion of commitments at year end, arming nonbanks with the credit they needed to make a record amount of new loans. A repeat performance in 2021? Probably not, but a good year nonetheless is expected. (Includes data chart.)
Even though proposed state capital requirements and other standards are deeply unpopular among nonbank mortgage servicers, the CSBS said it will move ahead with its plans.
Rohit Chopra’s nomination for director of the Consumer Financial Bureau appears to be a lock in the Senate Banking Committee. While laying out his priorities, he said the agency will not dictate housing-finance policy.
Trade groups representing appraisers said the proposed automated valuations are really just rebranded desktop appraisals, not too dissimilar to the ones that helped crash the housing market in 2008.
The VA home loan program surged past the FHA in new business in 2020. Thanks to its rapid-refi option, the VA also took market share away from private MIs. (Includes three data charts.)