Mortgage banking income was up in the second quarter but didn’t keep pace with big increases in loan origination volume and secondary market sales. Wells Fargo accounted for the lion’s share of the increased profitability.
Limited housing supply hurt lenders’ efficiency metrics in 2018, according to a benchmarking study by Mortgage Cadence. The average time to close a mortgage increased sharply and pull-through rates declined.
Borrowers in completely rural areas were more likely to pay higher interest rates and walk away unhappy with their mortgages, according to a new study from the government-run National Mortgage Database.
Originations are booming but the government’s latest reading on mortgage employment wasn’t exactly encouraging. Still, interviews conducted by Inside Mortgage Trends reveal that many shops are looking to hire.