Publicly traded nonbank mortgage lenders posted sharply lower profits in the second quarter as strong competition cut into margins. Two firms managed to increase mortgage-related income: homebuilders. (Includes data chart.)

The lender's gain-on-sale margin plunged to just 14 basis points in the April-June period from 124 bps in 1Q22.

loanDepot cites faults in wholesale channel; rate locks decline in July; foreclosure activity also down; MISMO seeking comments on various initiatives.

There’s nowhere to hide for non-agency MBS issuers as quickly rising interest rates prompt losses. Loans the issuers are looking to sell have seen limited demand and lose value when retained even short-term.

Music investment company Hipgnosis Song Management is set to issue an ABS tied to royalties on 980 songs. The deal received a slightly lower rating than similar ABS from other firms.

After cutting interest rates on its products in late June, UWM expects its gain on sale to decline from 99 bps in the first half of this year to as low as 30 bps in the third quarter.

Some banks are partnering with Rocket Mortgage on originations. Rocket said banks are having a hard time competing with the nonbank.

When it comes to GOS, UWM's Mat Ishbia says he's running the table...

Despite the difficulties, AOM is increasing its warehouse financing capacity and working to acquire non-QMs with higher interest rates.

Raymond James' MGD John Toohig said he received more calls about home-equity lines of credit in July than he had in his entire career.