Banks and thrifts reported significant declines in mortgage originations and loan sales during the first quarter of 2020, but they ended the period with a huge pipeline of pending secondary-market activity. (Includes data chart.)
The nonbank took a large loss in the first quarter and halted production. Officials at the firm are now betting on originating GSE-eligible mortgages through call centers to return to profitability in the third quarter.
With one big exception — Freedom Mortgage — correspondent platforms saw declining production of FHA/VA loans in the first quarter. Retail was fairly steady, while wholesale-broker gained momentum. (Includes data chart.)