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Inside Mortgage Trends

May 26, 2023

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Nonbank Mortgage Income Battered Again in Early 2023

Half of the 16 publicly traded nonbank mortgage lenders reported net losses in the first quarter. The MBA found independent mortgage bankers lost an average of $1 million, largely due to hugely unprofitable loan production. (Includes data chart.) Read More

Banks Shrink Servicing for Others in First Quarter

Bank portfolios of mortgage servicing for others contracted slightly during the first quarter. Also, the ratio measuring MSR fair value against the UPB serviced for others continued to drop after peaking in the third quarter of last year. (Includes data chart.) Read More

Lenders Raise Concerns About FHFA’s Credit Score Plan

FHFA proposed adjusting the capital framework that applies to the GSEs to incorporate planned changes in the usage of credit scores. Lenders want more data before any changes are implemented. Read More

Outlook for the Rest of 2023: More of the Same

Issues at regional banks will likely slow the economy and have impacts on mortgage lending through the year, according to economists at the MBA. Still, GSE economists suggest that originations could pick up soon. Read More

Special Purpose Credit Programs Need Monitoring

A key question in setting up a special purpose credit program is whether the lender will target a population based on a characteristic such as race or whether it will use geography as a proxy for the target group. Read More

Reduction in Job-Related Relocations Slowing Home Sales

The persistence of work-from-home arrangements has given job seekers less incentive to relocate, according to a new quarterly survey from Challenger, Gray & Christmas. Read More

Wholesale Channel Offers Opportunity for Niche Lenders

Non-qualified mortgage lenders have an opportunity to gain market share in the wholesale channel as competition contracts. Read More

Low Housing Supply Propping Up Home Prices

As interest rates rise, homeowners are staying out of the real estate market because they don’t want to let go of the record-low mortgage rates they were able to obtain over the last two years. Read More

Grapevine: New Low-Downpayment Products; CFPB Shopping Study

Rocket, UWM offer low-downpayment products; CFPB finds sharp differences in loan pricing; servicing profits improve; timing for recession unclear; quantifying the refi boom; Freddie improves paystub analysis; Blend offers soft credit pulls; MISMO seeks comments on closing standards; Maxwell acquires capital markets provider; fractional homeownership. Read More

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