Although the nation’s job numbers look exceeding bright, all is not well with the mortgage industry where the job shedding machine is working overtime.
When it comes to the non-QM market, PIMCO likes to keep a low profile. This summer, it appeared the firm was sitting on the sidelines as a buyer. And now? Looks like the wallet is out again.
The top 22 executives at the nation’s publicly traded nonbanks earned a stunning $268 million in 2020, only to see that number get hammered last year, according to an analysis by IMF.
Mortgage lenders are trying to cut costs as quickly as possible as originations evaporate. Only so many companies can survive a much smaller market, turning the business into a game of musical chairs.