Redwood Trust Inc

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  • uploads///LPS originations
    Financials

    Why low mortgage origination volumes are bad for REITs

    Mortgage originators have had a difficult time over the past year, as rates have begun rising. The increase in interest rates pretty much stopped the refinance boom in its tracks.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed Assets
    Financials

    The Fed maintains its policy on reinvesting QE assets

    The Fed’s decision to reinvest QE assets in the markets affects REITs. It keeps a bid under TBAs, and it supports MBS values in general.

    By Brent Nyitray, CFA, MBA
  • uploads///CIM Q
    Fund Managers

    Chimera posts growth in third quarter profit and interest income

    Chimera’s core earnings grew to $116 million compared to $93 million in the year-ago period. Growth was mainly due to an increase in net interest income.

    By Samantha Nielson
  • uploads///FHFA House Price Index
    Financials

    April Federal Housing Finance Agency House Price Index rose 7.4%, good for investors

    The Federal Housing Finance Agency (FHFA) House Price Index The FHFA House Price Index differs from the other house price indices like Case-Schiller and Radar Logic in that it only looks at houses with mortgages guaranteed by Fannie Mae and Freddie Mac. This means all the home prices are below the conforming threshold, which is $417,000. […]

    By Brent Nyitray, CFA, MBA
  • uploads///Fed  Unemployment Forecast
    Financials

    Why The Fed Continues To Anticipate Lower Unemployment

    At the March 2013 meeting, the Fed was forecasting that 2015 unemployment would be 6.7%–7%. Now, the Fed is forecasting that unemployment will be 5.2%–5.3%.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Massive mortgage market transformation: The return of subprime?

    The mortgage market is undergoing a massive transformation as the private label mortgage market returns.

    By Brent Nyitray, CFA, MBA
  • uploads///Radar Logic Futures Curve
    Financials

    Radar Logic futures curve predicts flat real estate prices until September 2014

    Radar Logic futures can be used to forecast real estate prices Most people are unaware that there is a futures market for U.S. real estate prices.  The Radar Logic futures contract launched about a year ago on the CBOE Futures Exchange. While they are not especially liquid, they do provide an insight into what the market […]

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Mortgage applications rebound after a short holiday week

    Mortgage applications fall off a cliff on a short week The MBA Applications index rose 11% after falling 13% the week before, which was a holiday-shortened week. Refinances drove the increase, with an 18% jump in the index. Purchase activity also rose, although only slightly. The summer selling season is winding down, and we’re entering […]

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Delinquencies
    Financials

    Mortgage delinquencies tick up in June: Blip or trend change?

    Ninety-day mortgage delinquencies rebound to 6.7% after hitting 6.1% in May Mortgage delinquencies are falling as home prices rise and the foreclosure pipeline is clearing. While 6.7% seems low compared to the peak of 10%, the “normal” level prior to the housing bubble was in the 4%-to-5% range. This also reflects the mortgage modification push […]

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield historical
    Financials

    Is the secular bond bull market over? A primer on interest rate risk, Part 6

    Back to Part 5 Non-agency mortgage backed securities – interest rate risk and credit risk When we think of non-agency paper, we have both interest rate risk and credit risk. The interest rate risk borne by non-agency mortgage backed securities is more or less the same as agency paper. They have the same exact issues […]

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA home price index
    Financials

    FHFA Home Price Index rises in June, good for non-agency REITs

    The Federal Housing Finance Agency (FHFA) House Price Index The FHFA House Price Index differs from the other house price indices like Case-Shiller and Radar Logic in that it only looks at houses with mortgages guaranteed by Fannie Mae and Freddie Mac. This means all the home prices are below the conforming threshold, which is $417,000. It […]

    By Brent Nyitray, CFA, MBA
  • uploads///LPS originations
    Financials

    Why steeply falling originations mean bad news for non-agency REITs

    Mortgage originators have had a difficult time over the past year, as rates have begun rising. The increase in interest rates pretty much stopped the refinance boom in its tracks.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Financials

    How the government shutdown will affect interest rates

    Bonds fell slightly and equities rallied on the shutdown. Why? Beltway insiders who were hoping that the financial markets would get the attention of politicians posturing in Washington were disappointed this morning with the S&P 500 futures up 7 points pre-open and a sanguine outlook from the bond market. Stocks rallied throughout the day, with […]

    By Brent Nyitray, CFA, MBA
  • uploads///Leverage
    Financials

    Leverage and mortgage REITs – Part 2

    Leverage and Mortgage REITs – Part 1 How a mortgage REIT typically does it Most mortgage REITs use repurchase agreements to fund their balance sheet. A repurchase agreement (repo) is basically a secured loan. The REIT will pledge the mortgage backed securities they just bought as collateral for a loan. It is actually an agreement […]

    By Brent Nyitray, CFA, MBA
  • uploads///MFA Financial
    Financials

    MFA Financial portfolio yield continues to drop

    MFA Financial is a REIT that invests in both agency and non-agency mortgage backed securities MFA Financial (MFA) is a mortgage Real Estate Investment Trust (REIT) that invests in both agency (government guaranteed) and non-agency (non-guaranteed) mortgage backed securities. Their portfolio is primarily invested in hybrids, adjustable rate mortgages (ARM), and 15 year fixed rate […]

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Financials

    Refinances tick up as bond market sell-off takes a breather

    The MBA Refinance Index is an important index to forecast mortgage activity and prepayments The Mortgage Bankers Association (MBA) Index of Refinance Activity measures application activity, not loans made. The Mortgage Bankers Association samples roughly 75% of all mortgage activity in the U.S., and its indices are key indicators for the real estate finance market […]

    By Brent Nyitray, CFA, MBA
  • uploads///MR HAMP
    Financials

    Why the slight HAMP increases in August are negative for REITs

    The Obama Administration is considering expanding the HARP program, meaning agency REITs will face a massive increase in prepayment speeds.

    By Brent Nyitray, CFA, MBA
  • uploads///Case Schiller
    Financials

    S&P/Case-Shiller Home Price Index rises in March

    The Standard and Poor’s/Case-Shiller index of real estate prices increased 10.9% year-over-year in March, hinting that the real estate market bottomed around this time last year. The Case-Shiller index The Case-Shiller index is the most widely quoted index of real estate values. Real estate values are big drivers of consumer confidence and spending, and, therefore, […]

    By Brent Nyitray, CFA, MBA
  • uploads///MFA Financial
    Financials

    Why MFA Financial benefits from increasing real estate prices

    Over the past 12 months, MFA has paid a dividend yield of over 20% when you take into account two special dividends.

    By Brent Nyitray, CFA, MBA
  • uploads///MBS tranching
    Financials

    Primer on mortgage backed securities, Part 1

    What are mortgage backed securities? Mortgage backed securities are pools of individual mortgages that have similar characteristics. They allow a relatively illiquid asset (an individual home mortgage) to be converted into a very liquid asset that can be traded with relative ease. They also allow an issuer to divide up the cash flows in order […]

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA House Price Index
    Financials

    FHFA House Price index is within 9% of April 2005’s peak levels

    The 7.6% year-over-year gain was the second highest since mid-2006, and it puts the index back at April 2005 levels. The rate of price appreciation appears to be slowing.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield historical
    Financials

    Is the secular bond bull market over? A primer on interest rate risk, Part 4

    Back to Part 3 Interest rate risk and mortgage backed securities Mortgage backed securities have different interest rate risk than conventional Treasuries and corporate bonds. This is because of prepayment risk. When interest rates fall, borrowers will typically refinance their mortgages. To an investor, they will get their pro-rate allocation of principal early. They will not get […]

    By Brent Nyitray, CFA, MBA
  • uploads///HAMP modifications
    Financials

    Why HAMP modifications continue to increase homeowner equity

    The intent of HAMP was to stabilize the housing market and prevent avoidable foreclosures.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Mortgage applications increase 7% for the week ending May 3

    Mortgage applications, as reported by the Mortgage Bankers Association, rose 7% for the week ending May 3rd in spite of a five basis point increase in mortgage rates Mortgage applications are primarily interest-rate driven. Applications typically increase as rates fall because home owners take advantage of the drop in rates to refinance. Conversely, they fall […]

    By Brent Nyitray, CFA, MBA
  • uploads///HAMP modifications
    Financials

    HAMP modifications fall to 11,900 in the month of April

    The Home Affordable Modification Program is one of President Obama’s programs to provide relief to distressed home owners The Home Affordable Modification Program lowers the monthly payments for borrowers by reducing the interest rate or extending the term of the loan. So far, the Federal Housing Finance Agency has resisted allowing principal reductions. They will, […]

    By Brent Nyitray, CFA, MBA
  • uploads///DQs by State
    Financials

    Mortgage delinquencies are still concentrated in judicial states

    Borrower behavior is heavily influenced by consumer protection laws, particularly at the state level. States that have a judicial review of foreclosure activity tend to have higher delinquency rates.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rose as Bond Yields Increased

    TheFed hoped that lowering mortgage rates would also support home prices.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Financials

    Bond Yields Increase after the Strong Jobs Report

    Ten-year bond yields influence everything from mortgage rates to corporate debt. Now, they’re the benchmark for long-term US interest rates.

    By Brent Nyitray, CFA, MBA
  • uploads///Case Schiller
    Financials

    Case-Shiller index is still posting double-digit annual increases

    The Case-Shiller index is the most widely quoted index of real estate values. Real estate values are big drivers of consumer confidence and spending.

    By Brent Nyitray, CFA, MBA
  • uploads///MR Corelogc HPI
    Financials

    Must-know: Home prices hit their highest level since May 2008

    The 12% year-over-year gain resembles the gains we saw during the bubble years. Both distressed sales and non-distressed sales rose by similar amounts.

    By Brent Nyitray, CFA, MBA
  • uploads///DQs by State
    Real Estate

    Why State Laws Matter For Home Price Appreciation

    Borrower behavior is heavily influenced by consumer protection laws—particularly at the state level. States that require a judicial review of foreclosure activity tend to have higher delinquency rates.

    By Brent Nyitray, CFA, MBA
  • uploads///GN FN spread
    Real Estate

    The markets react to new insurance guidelines

    After Obama announced the new insurance guidelines, the mortgage-backed securities market, especially the TBA market, reacted violently.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Financials

    Are lower rates enough to trigger another refinance wave?

    The increase in rates has basically put prepayment worries on the back burner for REITs. The lack of a reaction in the refinance index on the back of a drop in rates could mean we’re finally seeing prepayment burnout. This would be good news for REITs.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Financials

    The week ahead: Jobs plus Annaly and other mortgage REIT earnings

    We have a big week ahead, with a slew of important economic data and earnings from the mortgage REIT sector. The biggest REIT will be Annaly Capital reporting on Wednesday.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Bond Market Rally Lifts Originator Business

    Since the bubble burst, mortgage origination has been almost exclusively government-driven. The US government bears 50% of the credit risk of the entire US mortgage market.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Consumer

    Mortgage Rates Fall Again As The 10-Year Rallies

    The rally in bonds has been an unexpected gift to cap off what was otherwise a dismal year in mortgage banking.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Financials

    An Old Headache Returns: Increased Prepayment Speeds Up

    The Mortgage Bankers Association (or MBA) Refinance Index rose 66% from 1,349 to 2,245 as rates finally fell enough to allow refinances.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Delinquencies
    Financials

    Mortgage delinquencies tick up 6.08%

    Better economic times are helping lower mortgage delinquencies, but we still have some work to do clearing the foreclosure pipeline.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Financials

    MBA Refinance Index continues to fall

    The MBA Refinance Index is an important index to forecast mortgage activity and prepayments The Mortgage Bankers Association (MBA) Index of Refinance Activity measures application activity, not loans made. The Mortgage Bankers Association samples roughly 75% of all mortgage activity in the U.S., and its indices are key indicators for the real estate finance market […]

    By Brent Nyitray, CFA, MBA
  • uploads///Leverage
    Financials

    Leverage and mortgage REITs – Part 1

    The use of leverage is how REITs provide a high yield from low-yielding instruments Mortgage REITs, particularly agency REITs, use leverage to enhance returns. Agency REITs invest solely in government mortgage backed securities – either Fannie Mae, Freddie Mac, or Ginnie Mae. These securities do not have credit risk – in other words, even if […]

    By Brent Nyitray, CFA, MBA
  • uploads///Case Schiller
    Financials

    Case-Shiller Index improves in February

    The Standard and Poor’s/Case-Shiller index of real estate prices increased 9.3% year-over-year in February, hinting that the real estate market bottomed around this time last year. The Case-Shiller index The Case-Shiller index is the most widely quoted index of real estate values. Real estate values are big drivers of consumer confidence and spending, and, therefore, […]

    By Brent Nyitray, CFA, MBA
  • uploads///Case Schiller
    Consumer

    Home prices’ double-digit appreciation continues, driving builders

    It’s important to for investors to understand how real estate prices affect mortgage REITs like Annaly (NLY), American Capital Agency (AGNC), and Redwood Trust (RWT) as well as homebuilders.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Bond Yields Rise as Global Bonds Sell Off

    Ten-year bond yields influence everything from mortgage rates to corporate debt. Now, they’re the benchmark for long-term US interest rates.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Why Did Mortgage Rates Fall with Interest Rates?

    Lately, mortgage rates and bond yields have shown a weak correlation. Treasury yields have fallen over the past month, while mortgage rates have been steady.

    By Brent Nyitray, CFA, MBA
  • uploads///foreclosure heat map
    Financials

    State Foreclosure Laws Impact Home Price Appreciation

    There are two basic types of state foreclosure laws—judicial and non-judicial. In non-judicial states, foreclosures are handled through a streamlined process.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Mortgage Rates Didn’t Move despite a Volatile Bond Market

    Lately, mortgage rates and bond yields have shown a weak correlation. Treasury yields have fallen in the past month, while mortgage rates have been steady.

    By Brent Nyitray, CFA, MBA
  • uploads///AGNC dividend
    Earnings Report

    American Capital Agency Maintained Its Dividend

    American Capital Agency declared a dividend of $0.60 per share for the quarter. It didn’t change from $0.60 per share declared during the fourth quarter.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Mortgage Rates Rise despite a Big Bond Market Rally

    Mortgage rates and bond yields have shown a weak correlation. Treasury yields have fallen over the past month, while mortgage rates have been steady.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed  Unemployment Forecast
    Company & Industry Overviews

    FOMC Finally Sees Improvement in the Labor Market

    Fed Chair Janet Yellen mentioned that the Fed intends to let the labor market run hot for a while in order to try and encourage wage growth.

    By Brent Nyitray, CFA, MBA
  • uploads///Housing starts
    Financials

    Why Do Housing Starts Remain Muted?

    Housing starts and building permits came in around 1.2 million—towards the top end of a narrow range over the past year.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Increasing Mortgage Rates Negatively Impact Mortgage REITs

    Mortgage rates are the lifeblood of the housing market. The Fed’s plan to help the housing market started when it pushed rates lower to allow people to refinance.

    By Brent Nyitray, CFA, MBA
  • uploads///Foreclosure percent
    Financials

    How Do Foreclosures Impact Mortgage REITs?

    The federal government has taken numerous steps to reduce foreclosures. It started with loan modification programs.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Mortgage Rates Catch Up with Bond Yields

    Last week, the ten-year bond yield fell 12 basis points to 1.44%. Mortgage rates fell 10 basis points to 3.46%.

    By Brent Nyitray, CFA, MBA
  • uploads///Case Schiller
    Financials

    Week in Review: Adjusting to the Brexit Vote

    Last week was pretty light in terms of economic data, but markets were concerned with adjusting to the Brexit vote. For all the worries about Brexit overseas, it simply won’t have much of an effect on US corporate earnings.

    By Brent Nyitray, CFA, MBA
  • uploads///Case Schiller
    Macroeconomic Analysis

    The Case-Shiller Index Is 10% below Its 2006 Peak

    In April, the Case-Shiller Index rose by 1% month-over-month. It’s up by 5.4% YoY. Prices are still about 10% below the peak set in the summer of 2006.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Housing Market: Mortgage Rates Head Lower

    Lately, mortgage rates and bond yields showed a weak correlation. Treasury yields fell over the past month. Mortgage rates have been steady.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Macroeconomic Analysis

    Why Did the Jobs Report Shock Investors Last Week?

    The shockingly weak jobs report on Friday dominated the week ending June 3. Non-farm payrolls only increased by 38,000.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rise with Treasury Yields

    Last week, the ten-year bond yield rose 14 basis points to 1.84%. Mortgage rates rose 6 basis points to 3.64%.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Macroeconomic Analysis

    Bond Yields Spike after the Hawkish FOMC Minutes

    After closing the prior week at 1.7%, bond yields—as tracked by the iShares 20+ Year Treasury Bond ETF (TLT)—rose by 14 basis points to 1.84% last week.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Macroeconomic Analysis

    Bond Yields Fell Due to Weak Economic Data

    Ten-year bond yields influence everything from mortgage rates to corporate debt. Now, they’re the benchmark for long-term US interest rates.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Why Did Mortgage Rates Fall with Bond Yields?

    Mortgage rates are the lifeblood of the housing market. The Fed’s plan to help the housing market started when it pushed rates lower to allow people to refinance.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Macroeconomic Analysis

    Bond Yields Rose Slightly as the Stock Market Rallied

    Ten-year bond yields influence everything from mortgage rates to corporate debt. Now, they’re the benchmark for long-term US interest rates.

    By Brent Nyitray, CFA, MBA
  • uploads///foreclosure heat map
    Macroeconomic Analysis

    Why States Affect the Valuation of Mortgage Servicing Rights

    State laws affect the value of mortgage servicing rights. Typically, the rights in states like New York and New Jersey trade at a 25% discount to other states.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Macroeconomic Analysis

    Bond Yields Fall Due to Overseas and Commodity Weakness

    Ten-year bond yields influence everything from mortgage rates to corporate debt. Now, they’re the benchmark for long-term US interest rates.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Miscellaneous

    Bond Yields Fell Last Week on the FOMC and Bank of Japan

    After closing out the prior week at 2.05%, bond yields, as tracked by the iShares 20+ Year Treasury Bond ETF (TLT), fell 13 basis points last week to close at 1.92%.

    By Brent Nyitray, CFA, MBA
  • uploads///foreclosure heat map
    Macroeconomic Analysis

    Why Home Price Appreciation Differs from State to State

    In the judicial states, particularly New York, New Jersey, and Connecticut, we’re seeing much lower home price appreciation.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications hit 14-year lows as refinances dry up

    The MBA Applications Index fell 7.2% after rising 0.2% the week before. This is the lowest reading for the MBA Mortgage Applications Index since early 2001.

    By Brent Nyitray, CFA, MBA
  • uploads///Black Knight Origination
    Financials

    Must-know: Understanding non-qualified mortgage loans

    Non-QM loans would typically be useful for borrowers with sporadic income, but a large amount of assets. However, lenders will only consider low loan-to-value (or LTV) loans—like 80% maximum, which really is a ceiling. Most lenders are below that.

    By Brent Nyitray, CFA, MBA
  • uploads///PPI
    Financials

    Why falling wholesale inflation worries the Fed and affects REITs

    Given the shaky state of most household balance sheets, the Fed would really like to create inflation, provided it results in increased wages.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Mortgage rates rise 10 basis points on strong economic data

    The average 30-year fixed-rate mortgage rose 10 basis points, from 4.38% to 4.48%, while the ten-year bond rose 11 basis points.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications fell in the holiday-shortened week

    The MBA Applications Index fell 12.8% after holding steady the week before. Mortgage applications have dropped off a cliff ever since rates began increasing last spring.

    By Brent Nyitray, CFA, MBA
  • uploads///Case Schiller
    Financials

    Case-Shiller’s biggest gain in 8 years is good for non-agency REITs

    The index increased 1.03% month-over-month and 13.3% year-over-year. Prices have risen the most in the areas that were hit the hardest.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications are falling as rates rise

    Last year, refinance activity drove business for mortgage bankers. Now, they’ll have to rely on purchase activity, which tends to be very seasonal.

    By Brent Nyitray, CFA, MBA
  • uploads///mREIT
    Financials

    Must-know analysis: Can mortgage REITs be too big to fail?

    The biggest names in the REIT sector are Annaly (NLY) and American Capital Agency (AGNC). They bear no credit risk, but they do bear a lot of interest rate risk.

    By Brent Nyitray, CFA, MBA
  • uploads///RWT
    Financials

    Non-agency REIT Redwood Trust’s book value per share dips slightly

    Redwood Trust is a non-agency mortgage REIT that focuses on mortgage banking activities and invests in mortgages and other real estate–related assets.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications rose despite the government shutdown

    Mortgage applications fall slightly The MBA Applications Index rose 0.3% after rising 1.2% the week before. Mortgage applications have dropped off a cliff ever since rates began increasing last spring. Both purchases and refinances drove the increase. The summer selling season is winding down, and we’re entering a slow period that will last through the […]

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Recommendation: What the shutdown means for mortgage originators

    Mortgage originators are in a tough environment After feasting on the refinance boom of 2012, mortgage originators are finding 2013 to be a much more inhospitable environment. Many banks had added little capacity and were able to make a fine living doing refinance activity, which is a technologically driven business led by price discovery. It’s […]

    By Brent Nyitray, CFA, MBA
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