General World News

Nonbank mortgage companies will remain under pressure in 2024: Fitch

The finances at nonbank mortgage companies will remain under pressure in 2024, despite some relief in mortgage rates, according to a new Fitch Ratings report.

But the credit ratings agency has a “moderately deteriorating” outlook for the sector because earnings – along with origination volumes – “have likely reached trough levels.” In addition, companies should see modest improvement in operating results from reduced expense bases. 

The report, published on Monday, shows that the return on average assets – an indicator of how well companies use their assets to generate profits – reached 1% in the second details ⇒

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