Latest News

More Agency Servicing Shifts to Ginnie, Nonbanks
January 17, 2025
Lakeview Loan Servicing remained the top agency servicer, with a $732.56 billion portfolio.
Trump Nominates Bill Pulte for FHFA Director
January 17, 2025
The president-elect said Bill Pulte will help “restore the American Dream for all.”
Turner Looking to Address Housing Supply at HUD
January 17, 2025
Turner looks likely to easily be confirmed to run HUD, based on his reception by the Senate Committee on Banking, Housing and Urban Affairs.
MBS Investor Reaction a Major Factor in GSE Reform
January 17, 2025
It would take Congressional action to create an explicit guarantee, a scenario almost no one expects to happen.

Issuance
Chill Settles Over Structured Finance Market in Late 2024
New issuance was up in all the major food groups last year: residential MBS, commercial MBS and ABS. But overall quarterly volume slipped late in 2024.
MBS
Agency Market Grew in 4Q Despite December Refi Bust
Many top-tier sellers in the agency single-family market recorded massive increases in sales of rate-term refinances in the fourth quarter — but the refi market cratered in December.
Ginnie Mae Issuance
Purchase Mortgages, Refis Push Ginnie Issuance Up in November
Declining interest rates through September helped increase the flow of both purchase mortgages and refinances into Ginnie MBS in November. Issuance increased by 10.1% on a monthly basis, and growth in FHA refi business outpaced VA refi activity. (Includes two data tables.)
Servicing
Nonprime Servicing Volume Continues to Rise in 3Q24
The total amount of nonprime servicing handled by a group of 20 specialists continued its upward trend, unbroken since 2020. (Includes data table.)
Investors
REITs Boost MBS Holdings in 3Q24, Outlook Positive
Most REITs reported substantial increases in their agency MBS holdings during the third quarter, although a few firms pulled back. Non-agency MBS were up slightly; MSR declined.
Servicing
Ginnie Loans Lead Servicing Gains in Third Quarter
Servicing outstanding on 1-4 family mortgages increased by an estimated 0.8% during the third quarter. Ginnie servicing grew at more than twice that pace, fueled by refinance originations. (Includes two data tables.)

Inside Mortgage Finance

Ginnie, Nonbanks Gain More Ground in Agency Servicing
Bulk sales of agency MSR played a role in the growth of several nonbank servicing portfolios during the fourth quarter. The market continued to shift to higher-coupon mortgages. (Includes two data tables.)
California Wildfires Could Lead to Mass Homeowner Exodus
Property insurance challenges and rising home values could make it difficult for homeowners to rebuild after the California wildfires.
- Strong Economic Data, Trump Policies Pushing Interest Rates Up
- Mission Lending Responsibilities Could Follow GSEs
More Inside Mortgage Finance

Inside MBS & ABS

Non-Agency RMBS Issuance Trending Higher at Yearend
January 16, 2025
Issuance of prime non-agency MBS tripled from 2023 to 2024, boosting the market to its best year since 2021. Expanded-credit mortgage securitization accounted for 34% of non-agency issuance last year. (Includes three data tables.)
GSE Reform Could Prompt Wider MBS Spreads
January 16, 2025
Critics argue that, if Fannie Mae and Freddie Mac are released from conservatorship without an explicit government guarantee, MBS investors will demand wider spreads to cover the added credit risk.
California Wildfire Impact on MBS Market Dispersed
January 16, 2025
Initial projections suggest MBS backed by collateral in areas affected by the California wildfires will largely be unscathed.
MBS Trades Fall in December, Strong Overall in 2024
January 16, 2025
Stifel is telling its clients to reallocate into MBS from corporates. Meanwhile, MBS trades slipped in December but posted a strong year.

More Inside MBS & ABS

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Inside Nonconforming Markets

Prime Loan MBS Issuance Declines in 4Q
January 10, 2025
ECM and agency-eligible loans helped pick up the slack for non-agency MBS issuance in the fourth quarter as prime volume slowed.
Redwood’s Aspire Platform Increases Expanded-Credit Offerings
January 10, 2025
Redwood said it will now aggregate bank statement loans, CPA-prepared profit-and-loss statements and debt service coverage ratio loans through its Aspire correspondent platform.
Non-QM Impairments Hit Two-Year High in November
January 10, 2025
MBS investors remain protected despite rising delinquencies on non-qualified mortgages.
Groundfloor Sees Busy Year for Fix-and-Flip Market
January 10, 2025
RTL lender Groundfloor believes strong investor demand and a lack of available housing should help boost the market this year.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Bulk MSR Transfers Slow in 4Q24, Shift Down in Coupon
January 17, 2025
Flagstar’s transfer of $73.9 billion of agency servicing rights accounted for over a third of the bulk MSR transfers in the fourth quarter. Coissuance volume was up slightly with higher agency MBS issuance. (Includes three data tables.)
HUD Secretary Nominee Turner Punts on Budget Questions
January 17, 2025
Scott Turner, nominee for secretary of the Department of Housing and Urban Development, told senators during his confirmation hearing that Congress holds the purse strings.
Delinquencies on Loans in Agency MBS Rise in 4Q
January 17, 2025
The total delinquency rate on loans in agency MBS increased by 24 basis points during the fourth quarter. Delinquencies were up at FHA, VA and the GSEs. The rate is expected to rise modestly in 2025. (Includes data table.)
Lenders See Benefits, Challenges With eClosing
January 17, 2025
While electronic closings offer faster turn times, adoption of the technology comes with some complications. Still, the share of eNotes is expected to triple by 2028.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie MBS Issuance Up in 4Q With Refi Push
VA refis in Ginnie MBS issuance more than doubled on a quarterly basis in the fourth quarter and FHA refi volume was up almost 50%. On an annual basis, Ginnie MBS issuance increased by nearly 20% in 2024.
NAHB, State AGs Sue HUD Over Energy Code Mandates
The plaintiffs contended that the new standards act as a deterrent to new construction and are in direct conflict with the current energy codes in the majority of jurisdictions around the country.
FHA Finalizes Updates to Servicing Defect Taxonomy
To this point, FHA hadn’t published its method of identifying servicing defects before, except in draft form.
FHA Urged to Move Ahead With Loss-Mitigation Draft
Trade groups and consumer advocacy groups sent comments to FHA on a draft proposal from late November introducing a permanent loss-mitigation waterfall.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Bulk MSR Transfers Slow in 4Q24, Shift Down in Coupon
Flagstar’s transfer of $73.9 billion of agency servicing rights accounted for over a third of the bulk MSR transfers in the fourth quarter. Coissuance volume was up slightly with higher agency MBS issuance. (Includes three data tables.)
Inside Mortgage Finance
Ginnie, Nonbanks Gain More Ground in Agency Servicing
Bulk sales of agency MSR played a role in the growth of several nonbank servicing portfolios during the fourth quarter. The market continued to shift to higher-coupon mortgages. (Includes two data tables.)
Inside Nonconforming Markets
Prime Loan MBS Issuance Declines in 4Q
ECM and agency-eligible loans helped pick up the slack for non-agency MBS issuance in the fourth quarter as prime volume slowed.
Inside MBS & ABS
Non-Agency RMBS Issuance Trending Higher at Yearend
Issuance of prime non-agency MBS tripled from 2023 to 2024, boosting the market to its best year since 2021. Expanded-credit mortgage securitization accounted for 34% of non-agency issuance last year. (Includes three data tables.)
Inside the CFPB
States to Step Up Amid Likely Reduced Federal Enforcement
Regulators in some states controlled by Democrats are poised to increase their oversight of consumer protection laws as the CFPB’s focus is expected to shift under the incoming Trump administration.
Inside The GSEs
Large Nonbanks Continue to Dominate GSE Servicing
At its current pace, by the end of March Mr. Cooper Group will have overtaken Chase Home Finance as the largest GSE server.
Inside FHA/VA Lending
Ginnie MBS Issuance Up in 4Q With Refi Push
VA refis in Ginnie MBS issuance more than doubled on a quarterly basis in the fourth quarter and FHA refi volume was up almost 50%. On an annual basis, Ginnie MBS issuance increased by nearly 20% in 2024.

Inside The GSEs

Trump Picks Bill Pulte for FHFA Director
Pulte’s nomination received a warm reception from industry trade groups. He’s the grandson of the founder of home construction firm PulteGroup.
GSEs Delay Bi-Merge and Shift From FICO Classic
The GSEs’ credit score playbook now lists the implementation dates of the bi-merge and the shift away from Classic FICO as TBD.
More Inside The GSEs

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?