It's no secret that most IMBs had a difficult Q1, but new research from S&P Global Market Intelligence finds that it was absolutely brutal for some.
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Hello, LOs!
It's no secret most IMBs had a difficult Q1, but new research from S&PGlobal Market Intelligence finds that for some, it was absolutely brutal.
Originations at Rocket Mortgage fell 50% year-over-year to $48.17 billion in Q1. They were down 31% at UWM, which fell to $26.1 billion for the quarter. LoanDepot was down 52.2% to $18 billion in Q1. Fairway, Caliber/NewRez and Guaranteed Rate all saw significant drops in origination volume, according to S&P.
Still, nothing quite compares to Freedom Mortgage, which originated $7.28 billion in January through March, down 74% year-over-year, according to S&P. Wow.
Interestingly, origination volume rose year-over-year at Bank of America (6%), US Bank (2.1%) and First Republic Bank (19.5%). See more detail in the image below.
The second quarter is expected to be even uglier. LOs – what are you seeing out there? And why do you think some of the depositories are increasing their originations? Email me at james@hwmedia.com.
Three former employees sued FGMC and financial backer PIMCO for gender discrimination and retaliation. They described bullying and "hostile micro-aggressions" by senior staffers.
Realtors still own the keys to the homebuyer and seller kingdom. If you're a lender, you've known this forever. If you're in Proptech, you've come to learn or accept it. But here's the thing: Very few have mastered the art of winning a Realtor's heart, mind and dollars.
HousingWire Annual is designed to bring the community from across the housing ecosystem together to share strategies, drive business, discover new technologies, discuss best practices and connect. Join us this October 3-5 in Scottsdale, AZ for a can't miss agenda! Register for HW Annual
Specialty finance company Redwood Trust has completed its acquisition of bridge lender Riverbend Funding, which has a funded portfolio of more than $1.5 billion single-family and multifamily loans nationwide.
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