A large concentration of refinance loans meant that retail mortgages sold to the agencies had higher credit scores — along with lower LTV and DTI ratios — than did third-party originations. Seller profiles were shaped by their channel strategies. (Includes two data charts.)
BlackRock transferred $589 million of stock in PennyMac Financial Services, accounting for a 20% stake in the lender, to two of its affiliated charitable entities. BlackRock initially invested $34 million in PennyMac in 2008.
Freedom Mortgage’s planned acquisition of RoundPoint Mortgage Servicing is the latest example of delays in merger and acquisition deals. Factors delaying transactions include approvals from Ginnie and state regulators.
The homeownership rate hit a six-year high at the end of last year, with low interest rates helping homebuyers even as prices increased at a steady pace. Low inventory of homes for sale could lead to affordability issues this year.
Federal Reserve economists found that black and Hispanic borrowers ended up with mortgage rates 2 to 3 bps higher than those of white borrowers. But they also found that these minority borrowers paid fewer points, offsetting the difference in interest rates.
A new survey finds millennials’ path to homeownership strewn with such obstacles as debt, little to no savings and unaffordable home prices. But this age cohort is willing to do anything to own a home.
Wells Fargo and Chase continue to dominate the industry, accounting for over half the combined mortgage banking income for 21 top banks. Group in-come was down in the fourth quarter, but a strong second half lifted annual earnings over 2018 levels. (Includes data chart.)