Origination

First quarter gain-on-sale at nine originators tracked by Keefe, Bruyette & Woods averaged 149 basis points, much higher than the 5 bps recorded for independent mortgage bankers tracked by the MBA.

The world’s richest nation is waking up to an unpleasant and unfamiliar sensation: It’s getting poorer.

The generation usually targets starter homes in these cities, which are often listed among the nation’s trendiest.

This second group of terminations will take place in June and July, according to nine separate notifications filed in California.

The total number of short-term rentals of entire homes in the city’s five boroughs — those listed on Airbnb Inc. and Expedia Group Inc.’s Vrbo — is more than 13,000, according to third-party data tracker AirDNA. Meanwhile, rental inventory in Manhattan, Brooklyn and a portion of Queens hovers just over 7,500, according to an April report from broker Douglas Elliman Real Estate.

Without sustained price relief, a downturn is possible for later this year, rather than in the second half of 2023.

Current volatility has contributed to slowdowns across the industry, with further reduced originations now predicted for the year.

Contract closings decreased 2.4% in April from the prior month to an annualized 5.61 million, figures from the National Association of Realtors showed Thursday.

The ability to produce a cohesive, visible audit trail is “like nirvana” for lenders, ICE Mortgage Technology Vice President Christopher McEntee said.

While particularly high rates of lending have cushioned mortgage companies and banks from the impact in the past, higher rates and thin margins have made efficiency more pressing.