Servicing

Joel Kan, MBA’s VP and Deputy Chief Economist, said, “The doubling of mortgage rates over the past year caused credit availability to shrink 18% during the same period. This pivot in the market resulted in lenders exiting certain origination channels to manage their operational costs or stop lending altogether.”

Wells Fargo has announced it will significantly shrink its mortgage servicing portfolio in a recent release, revealing the shift will result in a round of layoffs for the bank’s mortgage operations.

In the Bureau’s Semi-Annual Report, Director Rohit Chopra detailed the work the CFPB has accomplished, including securing $275 million in total consumer redress and $270 million in civil money penalties.

ATTOM data has found that Mid-Atlantic states, California, and Illinois were more vulnerable to housing market declines in the third quarter.

According to the latest study from Regorra, data found that significantly more borrowers prioritize quick, quality reports over the cost of the appraisal.

The Mortgage Bankers Association has released new data showing the national median mortgage payment rose to $2,012 in October, recording a slight climb from September. Meanwhile, median asking rents increased an estimated 6.2% between Q2 and Q3 of 2022.

According to a new report by J.D. Power, mortgage lenders are struggling to stand out as demand continues to plummet and rates increase, resulting in higher customer expectations and increased competition.

Mortgage lending technology leaders at MeridianLink will merge to offer strategic mortgage solutions to improve efficiency while reducing costs and time to close, focusing on supporting depository institutions.

The latest NAR Report revealed eSignature, Lockbox, and MLS apps/technology as the three most impactful technology tools on Realtors’ businesses, with cybersecurity, 5G, and drones expected to have the biggest impact on real estate in the next two years.

The most recent outlook from the Mortgage Bankers Association expects total origination volume to decline nearly 10% next year. Click through to find what else the MBA is forecasting.