Independent mortgage bankers achieved origination profitability for the fourth consecutive period in the first quarter, but at the same time, costs increased as well, the Mortgage Bankers Association said. Processing Content IMBs and bank mortgage subsidiaries reported an average pretax net production profit of $727 per loan, compared with a net production profit of $674 […]
IMBs stay profitable, but costs climb in Q1 Read More »
Rate locks on home loans fell in April with a particularly steep dive in refinancing activity as the impact from March’s higher financing costs reversed some previous gains. Processing Content Overall, locks fell 9% from the previous month as purchase loans inched down 2% and rate-and-term refinances dropped by nearly 38%, according to Optimal Blue,
Mortgage rate locks sink after previous month’s surge Read More »
Reflecting both the unusually strong fourth quarter for home loan originations and the volatile rate environment for the period just ended, private mortgage insurers wrote 13% less business versus three months prior. Processing Content Still, with mortgage rates going to the low 6% range from near 7% one year ago, the six active underwriters did
Mortgage insurers end 1Q26 below expectations for volume Read More »
The secondary market agencies have put out a clarification to the UAD 3.6 adoption timeline, which ends any confusion about when the standard goes into effect. Processing Content Mandatory use for UAD 3.6 remains starting Nov. 2. But a wording change makes it clear it applies to new appraisals being put into the Uniform Data
GSEs clarify new appraisal format adoption timeline Read More »
Fannie Mae and Freddie Mac investors are underestimating the chances of a public market re-entry from the mortgage giants after a lull in chatter around the names, according to Mizuho’s Dan Dolev. Processing Content Dolev initiated both companies this week with buy ratings, citing a base case assuming a 30% chance that Fannie will exit
Fannie, Freddie’s latest bull says traders underpricing IPO odds Read More »
Fannie Mae has reported a jump in its retained portfolio size that investment professionals at Rithm have recently noted is the largest seen since the Great Financial Crisis. Processing Content The government-sponsored enterprise retained a combination of loans and mortgage-backed securities totaling nearly $168.74 billion in March, up considerably from the previous month’s $150.39 billion.
Fannie Mae’s portfolio surge is the biggest in over a decade Read More »
Last year’s update in the Federal Housing Administration’s “waterfall” of actions servicers must take when borrowers go delinquent is creating a surge in trial modifications that presents a particular concern for less sizable players. Processing Content Under the previous pandemic rules, distressed FHA-insured borrowers could repeatedly request assistance with partial claims that reduce payment size
How FHA’s new loss-mit rules are squeezing servicers Read More »
Finance of America turned a profit in the first quarter following two consecutive periods of losses. Processing Content The Texas-based reverse mortgage company posted a net income of $35 million last quarter, a significant jump from the $21 million loss recorded in the fourth quarter, but still well below the $80 million it made in
Finance of America returns back to profit in first quarter Read More »
Despite ongoing growth in net interest income, economic concerns surrounding the Iran War contributed to a first-quarter loss for Angel Oak Cos.’ publicly traded real estate investment trust, company leaders said. Processing Content The lender, which specializes in buying and selling non-qualified mortgages in secondary markets, posted a GAAP loss of $7.4 million in the
Iran war fears push Angel Oak REIT to Q1 loss Read More »
Analysts have largely forecast political inaction on an additional public offering for Fannie Mae and Freddie Mac until after the midterms, and one recently said odds are the wait could be longer. Processing Content Mizuho initiated coverage of both government-sponsored enterprises with a $10 price target for Fannie and $9 for Freddie. It forecasts two
Fannie, Freddie investors risk ‘zero earnings’ through ’33 Read More »