Originations

The mortgage market is reeling from the central bank's strategy of raising rates and reducing its holdings of mortgage-backed securities. Lenders face the worst headwinds in more than a decade.

The industry is only about a third of the way to where it needs to be, an analyst from the Mortgage Bankers Association said at the trade group's conference Sunday.

The firm will turn its focus toward its commercial, home improvement and reverse lending platforms along with portfolio management and other lender services.

The mortgage subsidiary of PlainsCapital Bank also said it had reduced its headcount by 23% in the past year.

The transaction allows for portfolio defense as well as supporting Marlin's move into Ginnie Mae servicing.

But a cooling housing market opened up buying opportunities for some and helped drive the share of FHA-backed purchases upward for the first time in a year, according to new Attom research.

The companies formed a partnership in 2019, in which the lender would handle mortgage processing, underwriting and closing for the digital-only bank.

However, the benchmark 10-year Treasury has been above 4% on a sustained basis for most of the prior week, gaining 18 bps, an indication of future increases for home loans.

The Community Home Lenders of America's latest report finds that independent mortgage banks picked up the slack as many large banks abandoned mortgage lending or imposed credit overlays, two of its members say.

Close to 60,000 home-purchase agreements were canceled in September