Capital markets

While the unit saw a bigger increase in purchase volume compared to its competitors, net income, loan sales margins and total volume was lower compared with prior periods.

The Rhode Island bank endured a sharp decline in fee income from home loans, which had spiked earlier in the pandemic. But CEO Bruce Van Saun says the company is well positioned as the refinancing boom fades and the home purchase market becomes more important.

The new deal will remove manual bid taping and automate secondary loan sales directly on the Encompass platform.

Those handling loan modifications anticipate a growing secondary market for loans in forbearance as they budget cautiously for additional alterations of regulations down the road.

The Mortgage Bankers Association is advocating for more funding for the agency due to its elevated securitization activity, and counterparty risk linked to a lingering concentration of loans in forbearance.

The company has seen business ramp up as servicers have sought additional help managing escrowed funds following last year’s refi boom.

The $16 billion Champion Mortgage portfolio sale follows Ocwen Financial’s purchase of different assets from MAM a few weeks prior.

Lending startup Tomo Networks will eschew refinances to focus exclusively on purchases.

Dozens of digital tools are billed as democratizing finance. But a number of entrepreneurs still see massive gaps.

The move is a vote of confidence for the private market in financing, which has been revitalized by limits government-related investors have put on certain loan purchases.