Origination

A 5% surge in purchase applications drove up overall activity, while average loan amounts also increased across all categories.

While longtime non-QM companies have originated mortgages in the segment for years, new contenders have come into the market as the number of potential customers who fit into the category grows.

Forecasting that it will not turn a profit in the 2022 fiscal year, the company plans to make job cuts, suspend dividends and introduce new products.

The company earned $453.3 million, inclusive of a $172 million increase in the fair value of its mortgage servicing rights, but future originations and revenue are expected to decline while it plans to continue challenging market rivals on pricing.

Partners Group Holding AG has agreed to buy more than 2,000 rental houses owned by Fortress Investment Group, according to people with knowledge of the matter.

The offering touts closings in as few as 10 days and allows homebuyers to compete with deep-pocketed investors and iBuyers.

While the company improved on the prior quarter’s results, efficiency measures including layoffs failed to make up for less favorable secondary market conditions.

But with fewer mortgage transactions forecast for the next few years, it is unlikely that record will be topped any time soon, the American Land Title Association said.

New insurance written during the first quarter slipped by 20% from the prior three months and by 30% year-over-year, yet five companies had higher income than in the fourth quarter and all six earned more money than in the first quarter 2021.