Credit unions have found a way to unload low-coupon agency-quality mortgages through participation deals. MIAC is working on a $100 million transaction.
A mini-price war from UWM and it’s not even March. As one warehouse veteran put it: “It’s a little like the old Rockefeller tactic of pricing out the competition. It seems to work, but at a cost.”
Servicing sales are off to a strong start in the new year, especially now with Federal Reserve interest rate cuts hardly a sure thing. Another factor is a fresh round of available capital from investors.