Nonbank

Loans in commercial mortgage-backed securities originated after 2009 by nonbank lenders have a significantly higher default rate than those originated by banks, a Fitch Ratings report said.

Employment at nondepository mortgage companies dropped considerably in November, as the combined effects of lower volumes and seasonal slowing reduced hiring needs.

Mortgage servicing assets are poised for gains in 2019. But as higher average mortgage rates spur lenders to sell servicing rights and diversify their loan offerings, servicers' work will also get more complicated and costly.

New American Funding expects to add $1 billion to its annual production next year by purchasing Marketplace Home Mortgage.

An agency report said servicing portfolios have shrunk by nearly half in 10 years as much of the mortgage market has shifted to nonbanks.

The number of workers employed by non-depository mortgage companies experienced a typical seasonal drop month-to-month, but employment remained higher than a year ago due to the persistence of competitive hiring practices.

The CFPB ordered Village Capital & Investment in Henderson, Nev., to issue refunds and pay a penalty for allegedly misrepresenting the cost savings in a refi product.

Consolidation is coming in the mortgage industry, but a protracted timetable will continue to constrict industry profits.

Hometown Lenders Inc. will acquire TotalChoice Mortgage in a move to expand its geographic footprint and meet its goal of growing annual originations from $1 billion to $5 billion.

Third-quarter profitability fell to 2008 levels in the Mortgage Bankers Association's latest report, suggesting the seasonally slower fourth quarter could be particularly challenging this year.