MSR Income Helps Mortgage Servicers Cut Losses
An improvement in losses tied to mortgage servicing rights helped the nation's servicers of home loans reduce their losses during the most-recent quarter.
Lower Expenses Drive Up Mortgage Production Profits
As quarterly home-lending volume escalated, mortgage banking organizations were able to lower their per-loan production expense and boost their per-loan profits.
Despite Drop in CRE Loan Delinquency, CMBS Worse
While quarterly performance on most types of commercial real estate loans improved, late payments deteriorated on securitized CRE loans.
Mortgage Firms Report Rising Originations
Multiple residential lenders have recently reported strong mortgage originations. Some have touted all-time high quarterly activity, while monthly records were announced by others.
Consumer Bankruptcies Down 3 Months in Row
In addition to falling from a month earlier and a year earlier, the number of consumer bankruptcy filings has retreated for three consecutive months.
Mortgage Credit Eases, Further Loosening Likely
For the third month in a row, credit conditions in residential lending have loosened -- a trend that is likely to continue given recent events.
Monthly HECM Production Diminishes
Government-insured reverse mortgage production retreated last month, though there were a few large producers that were able to lift volume.
Risk Retention to Exacerbate Maturing CMBS Defaults
|New Mortgage Business Recovers From Holiday
As expected, new home-lending activity bounced back from the holiday week. Refinance and adjustable-rate business were the biggest beneficiaries, while jumbo activity took the biggest hit.
Growing defaults from a wave of securitized commercial real estate loans that are maturing are likely to be exacerbated by the upcoming implementation of the risk retention rule.
Mortgage Jobs Increase But Likely to Decline
Mortgage employment has expanded for eight consecutive months now, though recent market conditions are likely to lead to contraction.