Seven publicly held nonbanks reported a combined loss of $47.8 million on their mortgage banking operations in the second quarter as interest rate volatility hammered their servicing books.
Who says the stock market isn't receptive to mortgage companies these days? Don't tell that to New Rez and Sachem. Meanwhile, the MSR bulk auction market is springing to life once again.
The decline in interest rates earlier this year increased originations and income for lenders and delayed some M&A activity. The lower rates also provided lenders with time to prepare for the future.