Agency securitizations of correspondent loans were sharply down in the first quarter of 2024 as volume dropped across the board. Refinances made a surprising surge, while credit quality remained unchanged. (Includes two data tables.)
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Publicly traded banks reported a 21% increase in mortgage-banking income during the first quarter of 2024. Improving gain-on-sale margins accounted for much of the increase. (Includes data table.)
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While overall correspondent sales to unaffiliated non-agency buyers declined in 2023, Veterans United increased its sales volume. (Includes data table.)
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Philadelphia-based Republic Bank focused its mortgage production on jumbos with below-market rates. The bank also held agency MBS that lost value as interest rates increased.
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A recent Fannie Mae study found that lenders are concerned about the lack of competition and rising prices of technology service providers’ solutions in the mortgage industry.
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Speakers at a recent Women in Housing and Finance conference detailed how their companies have incorporated AI and the positive results from the tool.
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PennyMac booked a weak increase in servicing income due to a large loss tied to hedges for MSRs; First American’s CEO doesn’t expect the CFPB’s effort on lender’s title insurance to change much.
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