Smaller lenders, with comparatively smaller declines in volume, saw their market share rise in the first quarter at the expense of large banks and large nonbanks. (Includes two data tables.)
While mortgages with primary insurance coverage included in agency mortgage-backed securities declined in the first quarter overall, VA refi volume jumped. (Includes two data tables.)
The share of higher-risk lending going to the GSEs expanded slightly in the first quarter, but high-credit score mortgages continued to dominate business at Fannie Mae and Freddie Mac. (Includes two data tables.)
Ginnie Mae continued growing its forward-mortgage servicing portfolio during the first quarter, leading to a rising share of high-coupon mortgages. Meanwhile, the GSE servicing market contracted slightly. (Includes two data tables.)
Issuance of non-agency MBS rose strongly in the first quarter, with hefty gains in prime, ECM and NPL/RPL production. While the market was well ahead of its year-ago pace, there’s still some catching up to do with 2021 and 2022. (Includes three data tables.)
Refinance volume was up across the board in first-quarter agency business, but the sharp spike in VA activity caught the most attention. (Includes three data tables.)
Critics argue the new second mortgage program is another attempt by Freddie Mac to expand its footprint. But GSE insiders say it’s already allowed under its charter.
It’s been almost 20 years since the ABS market had a quarter like the first three months of 2024. Some 72 of the 114 issuers that brought deals to market in the first quarter were on the sidelines in the previous period. (Includes three data tables.)
Freddie Mac is seeking approval to acquire second liens. The Structured Finance Association opposes the proposal, noting that non-agency outlets are providing sufficient liquidity for seconds.
Securitization of home equity loans increased again in the first quarter, driven by closed-end second liens. Issuance is growing exponentially, helped by nonbanks and investor demand. (Includes two data tables.)
Both the prime jumbo non-agency MBS market and the expanded-credit sector posted sequential increases in issuance in the first quarter. (Includes data tables.)
A substantial slowdown in bulk sales of Fannie/Freddie servicing led to the lowest secondary market volume for agency MSRs since the third quarter of 2020. (Includes three data tables.)
Delinquency rates were down for all three government agencies and in every late payment category during the early months of 2024. (Includes data table.)
Figure Technology Solutions is offering its Digital Asset Registration Technologies registry to partners of Figure Lending to use for home equity lines of credit.
A deep dive into closing costs by the JPMorgan Chase Institute found that borrowers pay more in closing cost fees when leaning on brokers and nonbank lenders for mortgage financing.
Total issuance of Ginnie Mae mortgage-backed securities declined slightly during the first quarter of this year. Still, volume was up sharply from the first three months of 2023. (Includes four data tables.)
The Mortgage Bankers Association and Community Home Lenders of America want policy updates from the VA and FHA to respond to market changes that are anticipated following a proposed National Association of Realtors settlement tied to broker commissions.
A substantial slowdown in bulk sales of Fannie/Freddie servicing led to the lowest secondary market volume for agency MSRs since the third quarter of 2020. (Includes three data tables.)
Refinance volume was up across the board in first-quarter agency business, but the sharp spike in VA activity caught the most attention. (Includes three data tables.)
Both the prime jumbo non-agency MBS market and the expanded-credit sector posted sequential increases in issuance in the first quarter. (Includes data tables.)
It’s been almost 20 years since the ABS market had a quarter like the first three months of 2024. Some 72 of the 114 issuers that brought deals to market in the first quarter were on the sidelines in the previous period. (Includes three data tables.)
The judge, who granted a preliminary injunction against the CRA overhaul, said there’s “substantial likelihood” that the plaintiffs in the lawsuit will ultimately win.
The nonbank share of GSE servicing hit 57.8% as of the end of March, up from a 57.0% share at the end of 2023. Two of the largest banks reduced their GSE servicing during the first quarter. (Includes two data tables.)
Total issuance of Ginnie Mae mortgage-backed securities declined slightly during the first quarter of this year. Still, volume was up sharply from the first three months of 2023. (Includes four data tables.)
The nonbank share of GSE servicing hit 57.8% as of the end of March, up from a 57.0% share at the end of 2023. Two of the largest banks reduced their GSE servicing during the first quarter. (Includes two data tables.)
A proposal from Freddie Mac to acquire second liens prompted immediate reactions. The GSE rebuts claims that its plan represents “mission creep” or that it would interfere with the existing securitization market for closed-end seconds.