Mike Fratantoni, a senior vice president and chief economist at the Mortgage Bankers Association, stressed that headline figures from the June jobs report don't tell the whole story on employment trends.
Production of FHA reverse mortgages declined 11.4% from the fourth quarter to the first. Industry watchers are calling for reforms to increase program uptake. (Includes three data tables.)
UWM more than tripled its nonconforming originations in the first quarter of 2024 compared with the first quarter of 2023. Brokers gained share from both the retail and correspondent channels. (Includes data table.)
Select Portfolio Servicing continued its reign as the top nonprime mortgage servicer with an estimated $162.0 billion portfolio as of the end of March.
Overall loan deliveries to Fannie Mae and Freddie Mac increased modestly in May. PennyMac boosted its production by 53.4%, making it the largest GSE seller during the month. (Includes two data tables.)
Although public companies reported solid gains in both production and servicing income in the first quarter, a significant number of smaller shops continued to struggle. (Includes data tables.)
Retail originations by banks and thrifts typically decline on a quarterly basis in the first quarter of a year, a trend that continued in 2024. However, retail lending was up compared with the first quarter of 2023. (Includes two data tables.)
There’s more demand for mortgage servicing rights than there is supply at the moment, helping to keep prices for the assets elevated. Even if MSR sales increase this year, prices are expected to remain firm.
Many large nonbank mortgage lenders increased production by double digits during the first quarter of 2024 while total originations were up only 3.2% from the fourth quarter. (Includes data table.)
S&P lost a little market share in rating newly issued ABS but remained the top provider in the first quarter. Fitch had a similar experience in the non-agency MBS market. (Includes two data tables.)
When interest rates decline, the prepayment environment for agency MBS is likely to be much different compared with previous refinance booms, according to industry participants.
If Freddie Mac is allowed to purchase second mortgages, critics argue there should be clearly articulated capital requirements, loan-to-value ratio limits and debt-to-income ratio restrictions.
JPMorgan Chase held the largest CLO portfolio in the banking industry at the end of March, but its investment was down from the previous period. (Includes data table.)
An uptick in securitization of jumbo and GSE-eligible loans helped increase total non-agency MBS issuance in the second quarter. (Includes data tables.)
The $2.5 billion cap for Freddie’s pilot program to buy closed-end seconds should limit impact on the non-agency secondary market. But industry players worry about the long-term risks if the pilot is successful.
John Beacham, CEO of Toorak Capital Partners, said ratings on fix-and-flip securitizations are attracting more investor interest and prompting better pricing for issuers.
Brokers gained market share across all three lending sectors in the first quarter. The biggest gain was in the government-insured lending market. (Includes two data tables.)
Moody’s Analytics Chief Economist Mark Zandi said movement in interest rates will be tied to how well deficit reduction is addressed by the next administration.
Some MSR buyers would rather focus on acquiring volume and leave the servicing duties to someone else. Subservicers are happy to provide the service, touting cost savings and innovations.
SoFi expects to see further growth in its share of mortgage originations due to the acquisition of Wyndham Capital Mortgage, which provided SoFi with mortgage fulfillment processes.
Second-quarter Ginnie Mae securitization growth was strongest among purchase-loan originations. But refis picked up steam over 2023. (Includes four data tables.)
FHA said it would consider stakeholder feedback in future policy updates. But industry trade groups are already calling for changes to the cyber incident reporting requirements announced and launched in May.
Servicers have until Oct. 1 to implement the new VA Servicing Purchase loss-mitigation program. Meanwhile, the House Committee on Veterans’ Affairs introduced legislation to authorize a VA partial-claim loss-mitigation option.
Ginnie Mae last week proposed a new pool type to allow repooling of home equity conversion mortgages that have reached their buyout limit. Comments on the HMBS 2.0 term sheet are due July 31.
Brokers gained market share across all three lending sectors in the first quarter. The biggest gain was in the government-insured lending market. (Includes two data tables.)
There’s more demand for mortgage servicing rights than there is supply at the moment, helping to keep prices for the assets elevated. Even if MSR sales increase this year, prices are expected to remain firm.
An uptick in securitization of jumbo and GSE-eligible loans helped increase total non-agency MBS issuance in the second quarter. (Includes data tables.)
S&P lost a little market share in rating newly issued ABS but remained the top provider in the first quarter. Fitch had a similar experience in the non-agency MBS market. (Includes two data tables.)
Fannie’s Desktop Underwriter remains significantly more popular than Freddie’s Loan Product Advisor, accounting for 72.6% of mortgages originated after being approved by a GSE automated underwriting service. (Includes data table.)
Second-quarter Ginnie Mae securitization growth was strongest among purchase-loan originations. But refis picked up steam over 2023. (Includes four data tables.)
Fannie’s Desktop Underwriter remains significantly more popular than Freddie’s Loan Product Advisor, accounting for 72.6% of mortgages originated after being approved by a GSE automated underwriting service. (Includes data table.)
FHFA Director Sandra Thompson said the first test of its recently instituted new products rule went well, despite the relatively short timelines. But critics of Freddie’s new pilot also asked the agency to find ways to stretch out the opportunity to comment.