The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

Mortgage

JPMorgan Chase adds exec to correspondent team

Bank has tapped Bhavesh Patel to lead client management for correspondent lending

JPMorgan Chase has appointed Bhavesh Patel to lead client management for the bank’s correspondent lending channel.

As director of client management, Patel will focus on improving the client experience and driving future growth for the business, which is growing at a faster rate than the bank’s more traditional retail arm. He will report to Terry Lindsey, head of correspondent lending for Chase, and is based in Houston, the bank said Thursday.

Prior to his appointment, Patel was managing director on the corporate client banking mortgage finance team, where he covered nonbank mortgage originators, mortgage REITs and mortgage servicers across the country. He was responsible for delivering credit, treasury services, investment banking, asset management and home lending products to his clients. He joined JPMorgan Chase in 2003.

Chase, the nation’s largest depository bank, increased mortgage origination volume to $32.5 billion in the fourth quarter, a 12% gain from the prior quarter. Those gains came primarily from its correspondent lending arm. Its retail originations actually fell slightly in the fourth quarter, likely due to a rise in coronavirus cases across the country (see page 15).

Overall, retail originations declined to $20.1 billion in the fourth quarter from $20.7 billion in the third quarter, according to the bank’s earnings statement. Correspondent volume increased to $12.4 billion, way above the prior quarter’s $8.3 billion in volume.

As of the fourth quarter, Chase still wasn’t back to its pre-pandemic origination volumes. Like other big depository banks, it has ceded market share to a slew of nonbank lenders, including Rocket CompaniesUnited Wholesale MortgageGuaranteed RateLoanDepotHomepoint.

JPMorgan Chase is slated to have its first quarter earnings call on April 14.

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