“America’s top 3 lenders — WFC, JPM, BAC — have seen their share of home loan origination fall from 49% in 2010 — 19% in the first half of this year. Quicken became the US’ largest mortgage lender last year. It closed a record $32bn of loans in Q2’19.”
on.ft.com/2mYEReQ
on.ft.com/2mYEReQ
“Broader contagion could lead to dislocation in the housing and mortgage markets during periods of stress”
Among the 25 largest players in the $10T market, nonbanks originated and serviced ~50% of mortgage loans, up from a fraction a decade ago
on.wsj.com/2DLxVqC
Among the 25 largest players in the $10T market, nonbanks originated and serviced ~50% of mortgage loans, up from a fraction a decade ago
on.wsj.com/2DLxVqC
“The mortgage business… has experienced increasingly lower returns as new regulations add both sizeable costs and higher capital requirements” — Dimon
One paper found that an increasing regulatory burden accounted for some 60% of non-bank growth in 2007-15
One paper found that an increasing regulatory burden accounted for some 60% of non-bank growth in 2007-15
"MBA estimates that if 25% of borrowers ask to postpone their payments for 6 mos, tab could be > $75B. Servicers would still be expected to advance money to investors that own most of the nation’s $11T in mortgages for 1-4 family residences"
bit.ly/3aqkUBp
bit.ly/3aqkUBp
"Given that mortgage REITs are required to pay out their cash to shareholders as part of their tax treatment, they have little cash in reserve. When banks make margin calls, these REITs either have to raise cash or pledge more loans or securities"
on.wsj.com/3atQ37c
on.wsj.com/3atQ37c
