General World News

Nonbanks profitability to decline in the coming quarters: Moody’s

Nonbank mortgage companies increased their profitability as a group in the third quarter of 2023, compared to the previous quarter, due to the performance of their servicing and origination businesses. It’s good news in the current shrinking market. 

Analysts at the credit rating firm Moody’s Investors Services wrote in a report on Monday that they don’t expect further improvements in the following quarters amid high mortgage rate levels and a depressed supply of homes for sale.  

“Because of the increase in mortgage rates since the summer and a coming seasonal decline in purchase originations, profitability will details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com