The Year in Review: Originations
December 12, 2013 12:01 PM
Interest Rates Rise
The biggest disruption for mortgage originators to deal with in 2013 was the rise in interest rates in May. Rates remained elevated the rest of the year. The first week of December rates peaked at 4.46%, according to Freddie Mac. (Credit: Fotolia)
The Qualifed Mortgage Rule
QM made headlines throughout the year. Both CFPB and FHA tweaked the rule a number of times and changes are still being made as the Jan. 10 implementation date approaches. (Credit: Fotolia)
Some Leave Wholesale, Others Replace Them
During 2013 the exodus from the wholesale channel continued. But others, like Hallmark Home Mortgage stepped in to fill the breech. But the hot story in the TPO market at the end of the year was the growth in the mini-correspondent channel. (Credit: Fotolia)
LOs Not Eligible for Overtime
In March, the Mortgage Bankers Association argued in an appellate court that loan officers should not be eligible for overtime. In July the court ruled in its favor, but on procedural grounds and not the merits of the case. (Credit: Fotolia)
Title Agents Under Scrutiny
The American Land Title Association released its best practices for title agents during the year. Meanwhile Secured Settlements Inc. introduced a program for lenders to vet title agents. (Credit: Fotolia)
New Origination Disclosures Introduced
In November, CFPB introduced new loan application and closing table disclosure. Originators and settlement services people have 17 months to prepare for their use. But mortgage brokers with the new forms. (Credit: Fotolia)
Outlook for 2014
Industry observers see the shift from a refi market to a purchase market continuing but total origination volume should decline. G-fee increases are affecting conforming loan originations. But the unknown is what will the market look like after the Jan. 10 QM implementation? (Credit: Fotolia)
