You’ve had a lights-out kind of year when your company can afford to advertise during the Super Bowl. So, take a bow Guaranteed Rate, Quicken (Rocket) and United Wholesale Mortgage...
The new QM standards are set to take effect March 1 with a mandatory compliance date of July 1. Between March 1 and July 1 lenders can use the QM patch or the new standards but after July 1, originators can only use the new standards.
If mortgage originations are operating in a typical three-year cycle, profits will likely fall this year, according to industry analysts. The wild card: how lenders react to continued demand for refis.
In 4Q20, the nonbank mortgage giant originated $69.41 billion of product, a 28.1% improvement from a red hot third quarter. Its servicing portfolio grew by 6.2% in that span to $426.75 billion.
For the first time, MISMO is charging a 75-cent-per-loan fee for mortgages registered electronically. The fee will help fund MISMO’s activities, with an emphasis on digital mortgages.
Loan extensions on auto ABS increased for the third straight month in November amid rising coronavirus cases. Losses for investors could be around the corner, according to S&P Global Ratings.
One of the largest REIT investors in the MBS market took a loss of $266 million in 2020, with gains in the final three quarters unable to wipe out the red ink posted in the first quarter. Still, officials at AGNC are optimistic about the future.
The NCUA board in December voted 2-1 to allow federal credit unions to acquire MSRs from other FCUs. The lone dissenting vote came from Todd Harper, who was just appointed NCUA chairman.