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Big Swings Likely in Federal Housing Policy Under Trump
November 6, 2024
A business-friendly CFPB, higher insurance premiums for FHA borrowers and an exit from conservatorship for the GSEs are all possibilities.
GSEs Increase Mortgage Holdings in Third Quarter
November 6, 2024
Fannie Mae and Freddie Mac had $182.3 billion in mortgage holdings (measuring mortgage-backed securities and loans) at the end of the third quarter.
loanDepot Turns its First Quarterly Profit Since 2021
November 6, 2024
The profitable third quarter was due to modest improvements in originations coupled with ongoing cost management and productivity programs.
Mortgage Companies Urged to Explore AI for Efficiency
November 6, 2024
Laura Escobar, 2025 chair of the MBA and president of Lennar Mortgage, encouraged MBA members to become more comfortable incorporating AI into their businesses.

Complaints
Mortgage-Related Complaints Tick Up in Third Quarter
Consumer complaints submitted to the CFPB related to mortgages slightly increased in the third quarter of 2024, with servicing issues in the forefront.
Servicing
Large Nonbanks Continue to Dominate GSE Servicing
Large nonbanks serviced 40.0% of all loans in mortgage-backed securities issued by Fannie Mae and Freddie Mac as of the end of September. (Includes two data tables.)
Servicing
Agency MSR Transfers Slow in 3Q24, Freedom Splurges
Bulk sales of agency mortgage servicing rights shifted to prepayment-protected coupons of 4% or less, while transfers of refinance-rich MSR slowed. (Includes three data tables.)
Servicing
FHA and VA Delinquencies Spike in Agency MBS
Loan performance slightly deteriorated in agency mortgage-backed securities during the third quarter, with delinquencies increasing across all late-payment categories. (Includes data table.)
CLO/CDO
Resets Drive CLO Issuance to New Record in 3Q24
A whopping $91.6 billion of existing CLO deals were reset and refinanced during the third quarter, lifting year-to-date volume to $184.8 billion. While issuance of new CLO deals is also up strongly from 2023, third-quarter volume was down.
Originations
Originations Increase in Third Quarter, a Rarity
Mortgage originations typically decline from the second quarter to the third. This year, however, declining interest rates helped increase refinance production and prop up purchase-mortgage lending.

Inside Mortgage Finance

Large Nonbank Servicers Gain Share in Third Quarter
Mr. Cooper Group, already the largest primary servicer, increased its servicing volume by 2.8% during the third quarter while the amount of servicing outstanding grew by 0.8%. (Includes three data charts.)
Economic Data Show Cup Half Full for Mortgage Market
Economist and former PIMCO CEO Mohamed El-Erian says the U.S. economy is the cream of the crop in the developed world. And the prospects for housing finance are also looking up.
- FHFA Launches New Efforts to Reduce Costs at GSEs
- Open Banking Rule to Impact Mortgages Now and Later
More Inside Mortgage Finance

Inside MBS & ABS

CMBS Issuance Up Again in 3Q24 as Multifamily Surges
October 31, 2024
Multifamily finance was one of the stars of the CMBS market in the third quarter, with securitization up 75% in the non-agency market and agency production rising 38%. (Includes two data tables.)
Net Income Falls at Fannie; Rises at Freddie
October 31, 2024
Third-quarter profits at the government-sponsored enterprises go up and down with their credit reserves. (Includes data table.)
Non-Agency MBS With GSE-Eligible IPLs Flows
October 31, 2024
Improved execution is prompting some issuers to stock non-agency MBS with agency-eligible investment property loans.
Ginnie Issuers Ready for New Capital Requirements
October 31, 2024
For issuers that are able to demonstrate a history of successful hedging, Ginnie Mae could allow them to reduce the level of capital they must hold, according to a senior Ginnie official.

More Inside MBS & ABS

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Inside Nonconforming Markets

ARMs, IO Loans Help Boost ECM Securitizations in 3Q
October 25, 2024
The volume of adjustable-rate mortgages and interest-only loans flowing into expanded-credit MBS increased from the second quarter to the third.
Chase Offers Incentives for Jumbo Borrowers at the Bank
October 25, 2024
Chase continues to push for ways to leverage its mortgage lending platform to bring in high net worth individuals to the bank.
Jumbo Lending Looks Likely to Slow in 4Q
October 25, 2024
The seasonal decline in purchase-mortgage originations and interest rate trends will likely prompt jumbo lending to slow in the fourth quarter.
Annaly Returns to Profitability in Third Quarter
October 25, 2024
Annaly Capital Management increased its non-agency correspondent activity during the third quarter.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Banks Generate Small 3Q24 Gains in Mortgage Banking
November 1, 2024
JPMorgan Chase reported a $44 million increase in mortgage-banking income during the third quarter of 2024. Twenty-five other publicly traded banks boosted their combined mortgage banking earnings by $13 million. (Includes data table.)
Get Comfortable With AI, Mortgage Industry Urged
November 1, 2024
The Mortgage Bankers Association hosted experts in artificial intelligence at its annual convention this week to help familiarize attendees with the opportunities AI will bring to their businesses.
Mr. Cooper Leans on Tech to Improve Servicing Efficiency
November 1, 2024
Investments in technology are helping Mr. Cooper reduce its servicing costs and allowing the industry’s largest servicer to place competitive bids on servicing portfolios.
Mortgage Lenders Find Value In Simplifying Closing Costs
November 1, 2024
Fannie Mae found that most mortgage lenders think it would be valuable to simplify and standardize closing cost line-item descriptions.

More Inside Mortgage Trends

Inside FHA/VA Lending

Delinquencies Rise Across Ginnie Servicing in 3Q
Delinquency rates for FHA and VA mortgages pooled in Ginnie Mae MBS increased across the board in the third quarter, with the total delinquency rate on FHA loans topping 10%.
Health of Nonbanks a Focus for Ginnie, FHA and VA
Officials from the government agencies last week discussed plans to boost nonbank liquidity to ensure the entities can survive the next housing crisis.
MBA Opposes FHA Proposal on Partial Claim Payoff Statement
The Mortgage Bankers Association warned that the proposed changes would expose servicers to new operational and regulatory risks.
FHA Proposes Changes on Foreclosures of HUD-Held Loans
FHA released a draft mortgagee letter this week proposing new nonjudicial foreclosure processes for mortgage liens held by the secretary of the Department of Housing and Urban Development.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Banks Generate Small 3Q24 Gains in Mortgage Banking
JPMorgan Chase reported a $44 million increase in mortgage-banking income during the third quarter of 2024. Twenty-five other publicly traded banks boosted their combined mortgage banking earnings by $13 million. (Includes data table.)
Inside Mortgage Finance
Large Nonbank Servicers Gain Share in Third Quarter
Mr. Cooper Group, already the largest primary servicer, increased its servicing volume by 2.8% during the third quarter while the amount of servicing outstanding grew by 0.8%. (Includes three data charts.)
Inside Nonconforming Markets
ARMs, IO Loans Help Boost ECM Securitizations in 3Q
The volume of adjustable-rate mortgages and interest-only loans flowing into expanded-credit MBS increased from the second quarter to the third.
Inside MBS & ABS
CMBS Issuance Up Again in 3Q24 as Multifamily Surges
Multifamily finance was one of the stars of the CMBS market in the third quarter, with securitization up 75% in the non-agency market and agency production rising 38%. (Includes two data tables.)
Inside the CFPB
Credit Report Issues Drive Up 3Q Complaints to CFPB
Complaints filed with the CFPB increased by 23.0% in the third quarter. And for the first nine months of the year, complaint volume nearly doubled on an annual basis, led by issues with credit reports. (Includes two data tables.)
Inside The GSEs
GSE Earnings Resilient in a Tight Housing Market
Remarkably steady net revenues at the GSEs mean fluctuations in profits are mostly due to below-the-line expenses. (Includes data table.)
Inside FHA/VA Lending
Delinquencies Rise Across Ginnie Servicing in 3Q
Delinquency rates for FHA and VA mortgages pooled in Ginnie Mae MBS increased across the board in the third quarter, with the total delinquency rate on FHA loans topping 10%.

Inside The GSEs

GSE Earnings Resilient in a Tight Housing Market
Remarkably steady net revenues at the GSEs mean fluctuations in profits are mostly due to below-the-line expenses. (Includes data table.)
Freddie Expands Repurchase Alternative Pilot to All
In a busy week at the Mortgage Bankers Association’s annual conference, Freddie Mac rolled out an expansion of its repurchase alternative pilot. Officials also defended the closed-end second-lien pilot.
More Inside The GSEs

The mortgage industry has been shedding jobs for a while now, but some lenders — particularly ones that focus on non-QMs — are talking about staffing up in anticipation of increased originations. Is your shop planning to hire this year?