With barely any refinance activity, the seasonal housing slowdown showed overcapacity in production platforms that squashed profitability. (Includes data table.)
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The retail channel lost some ground across all three loan product categories. In the conventional-conforming market, the retail share went from 38.8% in the third quarter to 38.2% in the fourth quarter. (Includes two data tables.)
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Two large nonbank retail lenders took losses in the fourth quarter, with officials stressing that better days are ahead. Guild is growing through M&A while loanDepot is reducing its staffing.
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The Urban Institute, with funding from the National Fair Housing Alliance, has developed resources lenders can use to launch special purpose credit programs.
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The National Association of Hispanic Real Estate Professionals called for more public policy to support Hispanic lending, including through special purpose credit programs.
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Lenders look to remote online notarization; Ocrolus offers rep-and-warrant coverage for income calculations; ICE offers tool to facilitate reconsiderations of appraisals; Planet Home launches products to help borrowers compete with cash offers; property insurance costs rise nearly 20%; Flagstar plans tech accelerator program; disconnect on homebuyers’ plans and saving for a downpayment.
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