This morning, on the heels of JPM’s results, nonbank United Wholesale Mortgage, reported third quarter originations of $54.2 billion, a sequential gain of 31.8%. UWM also disclosed period earnings of $1.5 billion, a record for the soon-to-be-public company.
The reason for the decline: Many borrowers saw their forbearance plans expire because they did not contact their servicer. At least, that’s what MBA concluded.
The Federal Reserve slapped Citi with an enforcement action, citing what the regulator called “several longstanding deficiencies,” including risk management, data quality and compliance…
In other words, in a market sized at roughly $2 trillion, and with total delinquencies measured at $218.9 billion (according to Ginnie’s website), the so called COVID-19 liquidity crisis never arrived...
Despite what looks like good news, Black Knight warned there are another 800Kforbearancesreaching the end of their initial six-month terms over the next 30 days...