Latest News

HUD Reviewing Potential for FHA Pricing Adjustments
November 20, 2024
FHA Commissioner Julia Gordon suggested any cut in the mortgage insurance premium would likely wait for the next administration.
Ginnie Loan Removals Hit Level Last Seen in 2022
November 20, 2024
Payoffs accounted for 89.1% of total loan liquidations from Ginnie MBS in the third quarter.
FHA Proposes Loosening Underwriting for In-Home Rental Income
November 20, 2024
The rental income could account for up to 30% of the total income the loan applicant uses to qualify for an FHA mortgage.
FICO Plans Price Hike Amid Rising Profits
November 20, 2024
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.

GSE Performance
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.)
Profitability
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.)
Issuance
Refinance Loans Surge in October Agency Market
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.)
Originations
Refi Volume Spikes in Third Quarter, UWM Stands Out
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.)
Expanded Credit
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.
Government-Insured Servicing
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 Mortgage Finance

Private MIs Lose Some Share in 3Q24 Refi Market Surge
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.)
Mortgage Performance Slips Further in Third Quarter
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.)
- CFPB Mortgage Proposals Face Uncertainty Under Trump
- Trump Poised to Revamp Federal Housing Leadership
More Inside Mortgage Finance

Inside MBS & ABS

GSE CRT Up Modestly, Investors Show Strong Demand
November 14, 2024
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.)
Ginnie Loan Removals Spike in 3Q24, VA Activity Leads
November 14, 2024
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 Leadership Vulnerable in the Trump Transition Process
November 14, 2024
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.
Non-Agency MBS Issuers Test Market After Election
November 14, 2024
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.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Another Strong Quarter for Non-Agency MBS Issuance
November 8, 2024
Purchase-mortgage volume grew faster than refi activity in non-agency MBS issued during the third quarter. (Includes three data tables.)
Angelo Gordon REIT Eyes Strategy Shift Toward HELs
November 8, 2024
AGMIT is pulling back from aggregating agency-eligible investor loans and putting a focus on home equity lending programs.
Redwood Profits Decline Slightly in 3Q
November 8, 2024
Redwood Trust reported a slight dip in earnings from the second to the third quarter due to rate volatility among loans in its portfolio.
Splitero Raises More Capital for HEI Business
November 8, 2024
HEI provider Splitero has received a $300 million investment from funds managed by Antarctica Capital.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Nonbank Earnings Pummeled by MSR Losses in 3Q
November 15, 2024
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.
Correspondents Gain Agency Market Share in Third Quarter
November 15, 2024
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.
Housing Affordability Policy to Change Post Trump Win
November 15, 2024
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.
AI Raises Compliance and Transparency Concerns for Lenders
November 15, 2024
Regulators warn that there is no exemption in fair lending laws for advanced technology.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Refi Business Again Posts Solid Gains in October
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.)
VA Says Some Real Estate Agents Are Overcharging
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.
Big Changes Expected Following Election
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.
Ginnie Considering Loan-Level MSR Transfers
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.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Nonbank Earnings Pummeled by MSR Losses in 3Q
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.
Inside Mortgage Finance
Private MIs Lose Some Share in 3Q24 Refi Market Surge
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.)
Inside Nonconforming Markets
Another Strong Quarter for Non-Agency MBS Issuance
Purchase-mortgage volume grew faster than refi activity in non-agency MBS issued during the third quarter. (Includes three data tables.)
Inside MBS & ABS
GSE CRT Up Modestly, Investors Show Strong Demand
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.)
Inside the CFPB
Chopra to Push More Exams Before Trump Takes Office
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.
Inside The GSEs
Refinance Volume in GSE MBS Jumps in October
October deliveries to the GSEs were up 15.2% from September, largely due to a 66.4% sequential increase in refinances. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie Refi Business Again Posts Solid Gains in October
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.)

Inside The GSEs

Refinance Volume in GSE MBS Jumps in October
October deliveries to the GSEs were up 15.2% from September, largely due to a 66.4% sequential increase in refinances. (Includes two data tables.)
Future of the GSEs Depends on Trump Appointees
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.
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?