Mortgage originations are finally a moneymaker again
National Mortgage News
In-depth analysis, strategy and data spanning the entire residential mortgage industry. An Arizent brand.
For the first time in two years, independent mortgage bankers made money on their production as per-loan costs were significantly lower, the Mortgage Bankers Association quarterly report noted. IMBs and mortgage subsidiaries of banks made a net profit of $693 per loan on average during the second quarter. This compared with losses of $645 in the first quarter and $1,972 in the second quarter of 2023. This is the first profitable quarter since the second quarter of 2022. Lenders averaged a 17 basis point profit on a pretax basis during the quarter.
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A potential rate cut, economic shifts and policy developments have been reshaping mortgage servicing, and quarterly statistics can be a good way to measure their impacts. From a "dislocation" in the single-family market to a spike in a multifamily performance indicator, numbers from some of the latest quarterly reports help quantify some emerging opportunities and risks. Read on for data sets from the Q2 reports that serve that purpose.
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Wells Fargo plans to exit the third-party, non-agency commercial mortgage servicing business through a sale that will make the buyer a leader in one portion of the U.S. market. The Atlanta-based Trimont has agreed to buy non-agency servicing in the acquisition. Wells will retain certain servicing for government-related mortgages. V?rde Partners, an investment firm specializing in credit and credit-related assets that bought Trimont in 2015, backed the deal.? Like Wells' single-family correspondent channel exit and the downsizing of its related servicing portfolio last year, the latest move is in line with the bank's efforts to slim down its operations.
The Federal Housing Finance Agency issued informal enforcement actions against the Federal Home Loan Banks of San Francisco and New York for violating regulations and failing to stop lending to banks with rapidly declining financial and liquidity conditions, according to a report from the Office of Inspector General. The FHFA took action against the banks in the wake of the failures of Silicon Valley Bank, Signature Bank, First Republic Bank and Silvergate Bank, which all collapsed in the spring of 2023. In the months before the failures, all of the banks substantially increased borrowings from the Home Loan Bank System to offset deposit withdrawals.?
A judge overseeing Amerifirst Financial's bankruptcy proceedings gave a group of unsecured creditors the green light to challenge a number of transfers from secured creditor Reverence Capital Partners, totaling over $10 million. The committee, representing the unsecured creditors, presented a number of claims they want to litigate including that RCP's transfers were "fraud and fraudulent inducement" and that the company had undue influence on the decisions AFI made prior to its bankruptcy. Amerifirst allegedly shuttered its operations in December 2022, but briefly revived originations in June 2023 before filing for Chapter 11 bankruptcy two months later.
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