Originations

The wholesale product has a $2.5 million limit, is indexed to SOFR and meets the qualified mortgage requirements.

While the purchase index registered a tiny uptick, activity has fallen to nearly the same level seen during the first months of the pandemic shutdown.

Mortgage Cadence, the No. 3 loan origination system provider, believes it will pick up market share among nonbanks if the deal between the two heavyweight entities goes through.

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 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.

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.

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

While it might be relatively easier to buy a home in the city today, both types of communities are still experiencing high rates of appreciation, the company said.

A sustained downturn in 2022 activity has also led the Mortgage Bankers Association to revise its originations forecast for the year.

Preliminary data from the trade group indicates that mortgage lenders an average of 5 basis points earned per loan as costs reached an all-time high.

A shrinking appetite for high interest rate loans and a diminished ability to offer discount rates are aligning with more stringent requirements for lenders to get ATR/QM points and fees calculations correct, write leaders from Lenderworks.

Mid America will retain its focus on technology, third-party originations and secondary market executions for specialty products while helping the acquirer expand the scope of its operations.

The new capital will be used for hiring and technology development as well as sales and marketing.

Higher rates and tight margins are affecting its non-QM and conforming businesses.

Only Stewart reported a quarter-to-quarter increase in net income, while upstart Doma is reducing headcount by 15%.

The sale of its correspondent business to Planet Home Lending, divestment in a reverse mortgage lender, Longbridge Financial, and the outsourcing of mortgage servicing rights all reinforce its focus on wholesale, company management said.