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The financial situation for mortgage lenders brightened considerably in the first quarter of this year, although profitability is way down from post-recession peaks. The Mortgage Bankers Association (MBA) said the average gain on each loan originated by the independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks responding to its survey was $285. In the fourth quarter of 2018 each loan originated resulted in a $200 loss and across the entire year the average per-loan profit was $367. Including all business lines (both production and servicing), 59 percent of the firms in the study posted pre-tax net financial profits in the first quarter, up from 44 percent in the fourth quarter. "Independent mortgage bankers experienced improvements in the first three months of the year
Housing News
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The financial situation for mortgage lenders brightened considerably in the first quarter of this year, although profitability is way down from post-recession peaks. The Mortgage Bankers Association (MBA) said the average gain on each loan originated... (read more)
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Housing News
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Fannie Mae's monthly National Housing Survey consistently shows that the vast majority of Americans would prefer to own rather than rent a home but are uncertain or mistaken about what qualifications are necessary to get a mortgage. Now the company h... (read more)
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Rob Chrisman
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Here on the 75th anniversary of D-Day, recall that, “Those who cannot remember the past are condemned to repeat it.” One could easily follow that with, “Those who remember the past can learn from it.” The death of Herb Sandler... (read more)
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Housing News
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We can only guess at what the new director of the Federal Housing Finance Agency (FHFA) told members of the National Association of Realtors® (NAR) last month, but it certainly provoked a response. The Association sent a letter to Mark Calabria o... (read more)
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MBS Commentary
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In the day just past, bonds maintained a range that fell almost perfectly inside the range from the previous day. The same was true of the previous day (Tuesday) and is also true so far today. This sort of momentum builds a case for a s... (read more)
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Mortgage Rate Watch
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Mortgage rates began the day very little changed versus yesterday's latest offerings. That meant another morning of access to the lowest rates since late 2017. As the day progressed, bond markets weakened and several lenders were forced to issue mid-... (read more)
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