William Lansing, CEO of Fair Isaac, said mortgage-originations revenue at the company in the third quarter of 2024 increased by 95% compared with the third quarter of 2023.
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.)
Rate-term refinances fueled most of the increase in agency single-family MBS issuance last month, but the wave may already be running out of propulsion. (Includes two data tables.)
Declining interest rates helped to boost refi originations in the third quarter. United Wholesale Mortgage more than doubled its refi business. Meanwhile, purchase-mortgage volume declined slightly. (Includes five data tables.)
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%.
MGIC saw a significant gain in market share during the third quarter, but private MIs overall lost ground to FHA and VA due to surging refinance activity. (Includes four data tables.)
The delinquency rate on mortgages has been on the upswing this year, reaching 3.61% at the end of September, according to the Inside Mortgage Finance Large Servicer Delinquency Index. (Includes data tables.)
Spreads on GSE CRT issuance are close to all-time tights, with strong demand from money managers, hedge funds and insurance companies. (Includes data table.)
Loan removals from Ginnie pools was led by borrower payoffs, which accounted for 89.1% of total liquidations in the third quarter. (Includes two data tables.)
Ginnie could face a leadership gap if Acting President Sam Valverde is asked to leave before a permanent president is in place. The agency is currently without a chief operating officer as well.
October was the busiest month of the year for non-agency MBS issuance. Activity has been limited thus far in November, though there are plenty of deals in the pipeline.
Nonbanks reported a massive $1.38 million decline in mortgage-banking income during the third quarter. Most of that was because of accounting issues related to servicing.
While retail continued to be the top channel in securitizations of conforming loans, correspondents gained 294 basis points of market share in the third quarter.
The mortgage finance and housing communities are hopeful of strong housing affordability policies from a second Trump term, but expect the approach to differ from efforts under the Biden administration.
Issuance of Ginnie Mae mortgage-backed securities with refinance loans increased sharply for the third straight month in October. However, the refi business appears poised to slow as interest rates on mortgages increased through October. (Includes two data tables.)
John Bell, executive director of the VA Loan Guaranty Service, spends much of his time now monitoring the impact on VA borrowers from the National Association of Realtors’ landmark antitrust settlement.
After sweeping Republican victories in elections this week, questions arise over who will lead the FHA, Ginnie Mae and the Department of Housing and Urban Development.
Currently, if an individual loan in a Ginnie Mae pool has a defect, the entire pool is ineligible for sale, limiting an issuer’s options to transfer servicing rights.
Nonbanks reported a massive $1.38 million decline in mortgage-banking income during the third quarter. Most of that was because of accounting issues related to servicing.
MGIC saw a significant gain in market share during the third quarter, but private MIs overall lost ground to FHA and VA due to surging refinance activity. (Includes four data tables.)
Spreads on GSE CRT issuance are close to all-time tights, with strong demand from money managers, hedge funds and insurance companies. (Includes data table.)
In the final weeks before the new Republican administration takes over, the CFPB’s rulemaking process is expected to slow, but enforcement activity could increase, according to industry attorneys.
Issuance of Ginnie Mae mortgage-backed securities with refinance loans increased sharply for the third straight month in October. However, the refi business appears poised to slow as interest rates on mortgages increased through October. (Includes two data tables.)
Mortgage industry stakeholders speculate about who Trump will nominate to oversee Fannie Mae and Freddie Mac and determine whether they remain in conservatorship or are re-privatized.