Most of PennyMac's production entails correspondent acquisitions from primary market originators, a strategy that typically carries lower profit margins...
Riverside, CA-based Provident Savings Bank this week pulled the plug on its residential mortgage banking operation, citing a “highly competitive” operating environment and “market conditions.” The unit, Provident Bank Mortgage, is a $1.0 billion a year producer.
Almost across the board, conventional and government lenders took it on the chin in terms of originations last year, but two of the largest producers of non-qualified mortgages — the Angel Oak family of companies and Citadel Servicing Corp. — excelled.