New Wholesale Programs Launched
Among several new programs recently offered by wholesale lenders are non-QM loans, reverse mortgages and jumbo mortgages. Commercial mortgage products also hit the market.
Proprietary Reverse Mortgage Production Up
Unlike government-insured reverse mortgage production, proprietary reverse mortgage originators saw a gain in volume from a month and year earlier.
PennyMac Mortgage Lending Slips, Servicing Up
Quarterly residential loan production dipped at PennyMac Financial Services Inc. But the company's mortgage servicing portfolio managed to eke out an increase.
Stonegate Mortgage Servicing Up, Lending Off
Although quarterly loan production and staffing descended at Stonegate Mortgage Corp., the lender managed to grow its mortgage servicing portfolio.
Huge Ocwen Loss as Originations, Servicing Off
Quarterly home lending slipped at Ocwen Financial Corp. but is likely way up for the current period. The company reported a huge loss, while servicing subsided.
Fairway Independent Mortgage Grows
Not only did quarterly loan originations increase at Fairway Independent Mortgage Corp., but the servicing portfolio grew and human resources expanded.
Share of Non-QM Lending Grows at Banks
Although new mortgage regulations continue to hamper home lending at the country's banks, a growing share are willing to step out of the box. The share of originations from third parties diminished.
Retail HECM Biz Up from 2015, Wholesale Off
While both retail and wholesale government-insured reverse mortgage business was up from a month earlier, only retail improved on a year-over-year basis.
Mortgage Production Profits Up, Servicing Down
While efficiency improved in both originations and servicing last year, only the production segment saw an improvement in profits.
Banks' Mortgage Market Share Drops 4 Points
Federally insured banks saw their share of the U.S. mortgage market fall 4 percentage points last year, and non-banks were the beneficiaries.