Originations

The company attributed its second quarter loss to competitive pricing pressures and GSE-imposed charges.

An equal split of refinance and purchase rate locks occurred during July, helped by elimination of the adverse market fee, Black Knight said.

While the hot market’s actual and forecast home price gains were key drivers of Fannie’s results, they also present a challenge to the affordable housing mission that it’s working to address.

Such applications have declined on an annual basis for the past three months, but overall weekly numbers increased due to a jump in refinances amid plummeting rates.

Despite lower numbers, refi applications continued trending strongly, while purchases fell close to lows from more than a year ago.

Meanwhile, the average new-home mortgage price climbed to a new all-time high, according to the Mortgage Bankers Association.

As rising home valuations force first-time home buyers out of the market, expect to see non-owner-occupied loans to increase.

“One” is the first in a series of non-agency mortgages the wholesaler plans to introduce this year.

Boosts in purchases and cash-out refinances drove the summer turnaround, according to Black Knight.

Even though the channel helped the bank do over $2 billion in business last year, going forward it will produce loans through the traditional retail business.