MSR

Many other organizations have turned to sales of this asset class in order to enhance cash flow or liquidity.

Non-depositories now dominate home lending, but many of these firms were untested until they had to grapple with the current rising rate environment. How they fare could significantly impact the rest of the mortgage market and, more specifically, the Government National Mortgage Association.

The post was vacant since Kristy Fercho left to run Wells Fargo Home Loans in July.

The company's second-quarter net income was $116 million, with mortgage banking revenue of $239 million.

While many lenders lately managed their business expecting reduced volume, now they get to capitalize on extremely low mortgage rates. But today's benevolent conditions will not always be with the industry.

With long-term interest rates at historic lows, mortgage refinancing is coming on strong. But that additional revenue may not be enough to offset net interest margin pressures and lost servicing income.

FB Financial is selling its correspondent lending channel to Rushmore Loan Management Services, which will complete the bank holding company's restructuring of its mortgage business.

The mortgage agency has hired Eric Blankenstein, who sparked controversy while at the consumer bureau over past revelations of racially charged writings.

The moves are part of an ongoing effort by the Seattle bank to largely exit mortgage lending.

Freddie Mac exchanged existing bonds from its portfolio for mirror certificates for the first time, completing a key test that is central to the creation of a uniform mortgage-backed security.