Guide to Mortgage Originations Channels Print edition with shipping outside the U.S.
As 2013 closed, retail was making its rebound as a mortgage originations channel, claiming its highest share of new originations in eight years and more than 60 percent of 2013’s production. The broker channel, although on the decline, wasn’t ready to be counted out yet, bringing in one of every 10 new mortgages last year. Meanwhile the correspondent channel proved to be the engine behind the bulk of purchase-money mortgages in 2013.
IMF’s Guide to Mortgage Originations Channels looks at the three originations options—and the mini correspondent hybrid that has cropped up as a result of the Consumer Financial Protection Bureau’s regulations—providing an overview of the current state of each as well as its pros and cons. Most importantly, the report delves into the channel usage of some 1,700 lenders, reporting on the volume of originations they sourced from each channel in 2013 for delivery to Fannie Mae, Freddie Mac or Ginnie Mae, the predominant outlets for mortgage originations in recent years. The data is ranked by the lender’s overall volume and is accompanied by a breakdown within channel by purpose as well as averages by channel for such loan characteristics as FICO score, debt-to-income ratio and loan-to-value ratio.
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Use this report to:
Brush up on the benefits and hazards you face from each channel in the current mortgage environment,
Doublecheck that your setup doesn’t fall short of any agency or regulatory requirements,
Explore other lenders’ patterns in order to measure your own results, and
Find new partners whose business complements yours.
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