PFSI - Mortgage origination could stay at record levels in Q4 Black Knight says

Mortgage origination volumes could stay at or above record levels achieved in Q3 according to rate lock data compiled by Black Knight in its Mortgage Monitor report.Purchase originations hit a record $455B in Q3 and refinance lending hit a record $867B.2020 is on pace to reach almost $4.4T in first-lien mortgage originations in the calendar year, easily the most on record.Still, mortgage servicers are struggling to retain customers, losing more than 80% of homeowners who refinance, according to the report."Pricing appears to be a significant factor in servicers’ ability to retain customers, as homeowners who changed lenders received noticeably better rates than those whose business was retained," said Black Knight Data & Analytics President Ben Graboske.2.7M homeowners refinanced first-lien mortgages in Q3, bringing the total through September 2020 to 6.4M.Consolidated rate lock data from Black Knight’s Compass Analytics and Optimal Blue divisions suggest that number could climb above 9M by

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Mortgage origination could stay at record levels in Q4, Black Knight says