Originations

The firm's reverse mortgage arm combined with the newly acquired American Advisors Group will make the parent company the largest player in that lending space, executives said.

Bank turmoil caused a reduction in adjustable-rate and refinancings, but jumbo product availability actually grew in April.

The combined companies, which originated three or fewer loans in the state last year, saw minor growth year-over-year, against an overall 41% drop in volume statewide.

Even with lower new insurance written, the six active underwriters remained profitable.

However, the 16% decline was far less than the drop in mortgage volume due to the increased share in purchase transactions.

April interest rate drops provided momentum for an upturn, but more consumers also thought the outlook for buying and selling was headed in a favorable direction, according to Fannie Mae.

Brian O'Shaughnessey's latest venture, Imperial Bancorp, LLC, is set to secure licensing in the next four to six months, when he expects that "spreads and interest rates will tighten and loans will be worth more."

The median price slipped 0.2% in February from a year earlier to $363,000, according to the National Association of Realtors.

Lenders and brokers have slashed two-thirds of the positions added since 2020, but the question now is whether reducing staffing to the level seen that year will be enough.

Management provided upbeat commentary both about the period and how the second quarter is progressing.