Total 1-4 family mortgage servicing outstanding hit a record $14.027 trillion at the end of March. Nonbanks handled 50.2% of the total, compared to 49.6% as of the end of 2023.
Hometap started offering HEIs in 2018 and has originated 11,373 HEI contracts across 18 states with an aggregate investment amount of more than $1.1 billion, according to Morningstar.
“There have been just two months in the past decade with fewer home sales [than in May 2024]: October 2023, when mortgage rates jumped to a 23-year high, and May 2020, when the onset of the pandemic brought the housing market to a halt and home sales to a record low,” Redfin said.
Retail originations by banks and thrifts typically decline on a quarterly basis in the first quarter of a year, a trend that continued in 2024. However, retail lending was up compared with the first quarter of 2023. (Includes two data tables.)
The MBA and California MBA are warning of a “crisis” in California involving property insurance as insurance options decline and premiums increase. A Senate committee also examined property insurance issues, with reactions differing based on party lines.
FHFA’s home price index cools off; MBA’s outlook for interest rates unchanged; Treasury looking into AI use in financial services; trade groups request delay on implementation of overtime rule.
Close to half of the prime non-agency MBS volume in the market since early May has been in GSE-eligible mortgages. Rocket Mortgage is the latest issuer with a GSE-eligible offering, including a number of loans with eNotes.
Nearly 34,000 leases for equipment finance are set to go into a new securitization from ClickLease. The firm focuses on lending to subprime and near-prime borrowers.
Nonbanks handled servicing on the majority of mortgages outstanding for the first time as of the first quarter of 2024. While nonbanks have been the majority servicers in the MSR market for years, the broader servicing tally includes whole loans. (Includes two data tables.)
Cybersecurity insurance is getting more difficult for mortgage companies to obtain and some lenders appear to be unable to meet reporting requirements set by the GSEs on security.