GSE Refinances Sink to 6-Month Low
|Refi Share Wider Despite Record Low Rate-Term|
A modest weekly drop in new mortgage business was led by adjustable-rate mortgages. Government share widened, as did refinance share thanks to a gain in cashouts that more than offset a record-low rate-term share.
Monthly refinances of government-sponsored enterprise mortgages plunged to the lowest level in six months as government-supported refinance volume fell to a new low.
Management Shakeup As Impac Swings to Loss
Earnings swung to a loss at Impac Mortgage Holdings Inc., and the company's chief is out. Retail lending led a plunge in originations even as non-QM business soared.
Churchill Mortgage Adds Wholesale Originations
Home lending activity turned lower at Churchill Mortgage Corp., as did headcount. The company has started reporting originations through the wholesale channel.
Mortgage Applications Up on Purchase-Money Surge
A weekly decline in refinance mortgage applications was more than offset by a surge in purchase-money activity. The jumbo-conforming spread, meantime, ballooned.
Brokers Drive Up Banks' Mortgage Market Share
Home lending retreated last year. Non-banks lost quarterly market share to financial institutions as a surge in quarterly wholesale lending drove up banks' share.
Guaranteed Rate Lays Off Production Employees
More than a hundred employees have been laid off by Guaranteed Rate Inc. But the company says that it still has plans to hire more new employees this year than in any other previous year.
Report Warns About Non-Bank Mortgage Firms
|Refinances Restrain Weekly Mortgage Activity|
An improvement in weekly purchase-money business wasn't enough to offset a drop in refinances. Meantime, the share of activity for loans to veterans fell to the lowest level in seven months.
A warning siren has been sounded about the risk from the growth in market share of non-bank mortgage originators and servicers.
Refis Nudge Mortgage Applications Higher
A slight up tick in weekly mortgage applications was driven by increased refinance activity. Meanwhile, veterans' share of applications was thinner than it's been in four months.