The future of the depositories

In just the past few months, Wells Fargo has cut hundreds of mortgage/ home lending jobs amid nosediving origination volume. 

Good afternoon! Was this newsletter forwarded to you? Sign up here.   Hello, LOs!    Earlier this month, Wells Fargo CEO Charlie Scharf said the bank is considering pulling back on its mortgage and home lending business.    "Mortgage is a hard business," Scharf said at Bernstein's annual Strategic Decisions conference in New York City. He later explained the home lending unit won't be as large because it's not a "standalone profit center."   Scharf also talked about the "reputational" challenges of underwriting loans for Fannie Mae and Freddie Mac, an apparent reference to Wells Fargo not issuing refinancings to Black borrowers at similar rates to other lenders.   In just the past few months, Wells Fargo has cut hundreds of mortgage/ home lending jobs amid nosediving origination volume.    In general, the depository banks have ceded a lot of ground to the nonbanks since the reckoning more than a decade ago. As another downturn hits, do you expect depositories to maintain current levels, or to reduce their mortgage footprints? Maybe even gain market share? Let me know your thoughts by emailing me anonymously at james@hwmedia.com.   James Kleimann Managing Editor, HW Media Purchase mortgage rates continue incremental, upward trend Mortgage This week's Freddie Mac PMMS index shows a small spike in purchase mortgage rates, while Black Knight's Optimal Blue shows a small decline. Strengthen relationships and increase purchase business with Percy

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UWM drops rates 50 to 100 basis points in bid for brokers

Mortgage

United Wholesale Mortgage dropped rates up to 100 bps across all loan types in a move to beat rival lenders.

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Homebuyer affordability worsens in May amid inflation, higher mortgage rates

Mortgage, Black Homeownership

Homebuyer affordability decreased in May as new mortgages took up a larger share of one's income, according to the MBA.

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