Originations

Purchase numbers came in higher for both conventional and government activity, while the average loan amount shows signs of easing.

While first-quarter profits were up considerably, CEO Michael Nierenberg said the company will offer more products to counter market conditions that are “only going to get worse.”

Surging interest rates have pushed refinance applications down by over 70% in a year, while ARMs have doubled their share in three months.

The bank didn’t disclose which specific employees, or how many, were impacted by the announcement.

Different loan options to traditional mortgages can be costlier, lack consumer protections and leave debtors at risk of ownership disputes and loss of home equity.

Servicing gains failed to offset steep origination declines at the bank, which continues to battle allegations of racial discrimination.

While both refinance and purchase customers were banging down the doors in 2021, leading producers are already working much harder as they change up their offerings.

The gain on sale from first quarter originations increased as the bank shifted more volume share to the higher-margin channel.

But it was the second-most successful year ever for IMB originations since the Mortgage Bankers Association began collecting this data in 2008.

The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.