What ails the mortgage market? Answer: high interest rates. But would creating more MBS buyers ease the pain? At this point, it’s an academic equation.
When nonbanks hurt, so too do their warehouse bankers. Just how bad is it? Many originators in the primary market are struggling to post a profit, violating their contractual covenants. (Includes data chart.)
Homebridge Financial has agreed to sell most of its MSRs and its entire retail network to California-based CMG. Homebridge insists it’s not going away and is working on other transactions.
Rocket has a huge imbalance between refinances and purchases. Will “distributed” retail help? Meanwhile, FHA rolls out its 40-year modification product.