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Northpointe Bank to shutter its correspondent lending business

Housing Wire

Due to the significant contraction in the overall mortgage industry, we have made the difficult decision to exit the correspondent lending business,” Chuck Williams, president and CEO, said in a statement. billion in the first nine months of 2022, accounting for 41.7% billion in 2022 from the previous year’s volume of $7.29

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Home equity products light up a dark housing market

Housing Wire

The home equity products involved include home equity lines of credit (HELOCs), closed-end second mortgages (CESs) and shared-equity contracts. This is a watershed moment for many different reasons as now these [HEAs] can start to become more of a mainstream asset class that a significant number of investors will want to participate in.

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Fidelity joins “Big Four” counterparts in reporting record-breaking year?

Housing Wire

Another “Big Four” title insurer announced its fourth quarter earnings and yet again the numbers reached historic highs. On its fourth quarter earnings call with investors, Fidelity National Financial announced that its adjusted full-year net earnings came in at $2.3 billion for 2021, a 49% increase over a year prior. billion, with $1.0

Insurance 384
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Mortgage refis are dead. Can Blend weather the storm?

Housing Wire

But can Ghamsari play a winning hand when his software business is inextricably tied to the success of the mortgage industry, which is expected to contract by 35% or more in 2022? million in 2020 during the refi-boom and with the market headed into a correction, executives warned investors revenue would plummet. Right again.

Mortgage 384
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Secondary mortgage market adjusts to higher-for-longer rates 

Housing Wire

Ben Hunsaker, a Beach Point Capital Management portfolio manager who is focused on securitized credit, said that during the past year, nonqualified mortgage (non-QM) AAA bond spreads have actually contracted from 155 to 135, while agency mortgage-backed securities (MBS) spreads have widened from about 118 to 134 over the same period.

Marketing 432
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Mortgage lenders, borrowers react to banks closures 

Housing Wire

Meanwhile, mortgage lenders are still trying to calm down their investors and business partners. ” The MBA survey shows that the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) was 6.71% last week, down from the previous week’s 6.79%.

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Mortgage stocks are in free fall. So what’s next?

Housing Wire

Investors have largely shunned nonbank mortgage stocks, and analysts believe the hard times are still ahead. Industry observers say the first few months of 2022 will represent a transition period to restore the supply and demand equilibrium in the mortgage industry, putting pressure on the stocks of the country’s biggest lenders. “We

Mortgage 384