582 days ago • Posted by William Ramstein

Mortgage lenders originate record number but gains on sales fall:

Lenders originated a record $3.69 trillion worth of mortgages last year. With the 30-year mortgage rate near 2.97%, around 16 million Americans could lower their monthly mortgage payments through a refinancing. Total originations are expected to fall to $2.96 trillion in 2021. The amount lenders earn when they sell each loan has also started to drop. The median gain-on-sale margin for mortgage banks and nonbank lenders dropped from 2.74% in the third quarter to 2.14% in the fourth quarter. Source: WSJ