Here are the top 15 mortgage lenders of 2020

A perfect storm of record low interest rates and shifting consumer behavior spurred by the COVID-19 pandemic resulted in an absolutely incredible year for mortgage lenders in 2020, especially the independent mortgage banks. Virtually every IMB saw origination volumes soar in 2020, with many ...

The purchase mortgage market is back on top

The share of refinances in mortgage origination volume dipped below 50% for the first time in 15 months in March, according to Black Knight‘s new monthly data report, the Originations Market Monitor. With interest rates continuing to tick up, the purchase mortgage market is where most lenders ...

Nonbank lenders profited $4,200 per loan in 2020

Across the mortgage industry, revenues swelled to record highs in 2020. Nonbank lenders and mortgage subsidiaries of chartered banks reaped the rewards – they nearly tripled their profit per loan last year. According to recent data from the Mortgage Bankers Association, IMBs and mortgage ...

Lender profits are crashing back to earth

Profit margins for independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks shrank dramatically in the fourth quarter of 2020 as costs climbed. IMBs reported a net gain of $ 3,738 per each originated loan in the fourth quarter, down from $ 5,535 during the third quarter, ...

LoanDepot’s profit margins keep dropping

As the refi boom fades, gain-on-sale margins at loanDepot are declining, the company disclosed in a new filing with the Securities and Exchange Commission this week. The Tuesday filing shows that loanDepot, the nation’s second-largest retail lender, originated $ 25.1 billion worth of ...

LoanDepot launches JV with another homebuilder

LoanDepot, the nation’s second-largest nonbank retail mortgage lender, struck up a joint-venture with Schell Brothers, a homebuilder based in Delaware. The venture is to be called Henlopen Mortgage, the firms said in a statement this week. Through the JV, Schell Brothers, which ...

Are we seeing a cash-out refinance crisis?

I hear a lot of chatter about a boom in cash-out refinances, and the presumption seems to be that this is destined to wreak havoc on the housing market and the economy at some point. Cash-out loans have been growing over the past few years and it is also true that we have a recent history of ...

Mortgage credit, and the coming purchase storm

Mortgage credit is still the tightest it has been in more than six years, but an unwavering February may be the calm before the purchase storm as lenders prepare for a revitalized economy, the Mortgage Bankers Association said in a report on Tuesday. The group’s Mortgage Credit ...

Who’s the customer in UWM’s wholesaler war?

I’ve spent years asking top mortgage lending execs this question: who’s your primary customer, loan officers or consumers? Most answer LOs because most industry market share is still LO-driven. But let’s go deeper to see if this answer holds up for execs and LOs over full market cycles. And let’s ...

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