Mortgage holdings at banks increased last year despite mixed results at the largest depositories, including a decline at Wells Fargo. The ARM share also increased somewhat. (Includes data table.)
The refinance market is showing signs of life — especially in the government-insured sector — and total agency MBS issuance in the first quarter was up from a year ago. (Includes two data tables.)
As the historic mortgage boom fades into the past, buyback claims from the GSEs have declined. The biggest downturn has been at Freddie. (Includes three data tables.)
The retail channel lost some ground across all three loan product categories. In the conventional-conforming market, the retail share went from 38.8% in the third quarter to 38.2% in the fourth quarter. (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.)
The use of discount points to lower mortgage rates has jumped in recent years as interest rates continued to climb. But the benefit of the points for the borrower is unclear, the CFPB said in a report.
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.)
Ginnie cautioned issuers that it monitors their portfolios to ensure they are meeting acceptable risk parameters, including those related to prepayment activity.
Newly-released minutes from the Fed’s meeting in March indicate that the Fed is ready to slow the pace of Treasury runoff while maintaining the already slow pace of MBS runoff.
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.)
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.)
Better saw improvements in its pull-through rates in a pilot program in which the lender paid its LOs commissions. The lender found that its no-commission model didn’t work well for purchase mortgages.
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.
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.)
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.)
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.)
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.)
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.
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.)
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.)
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.)
By focusing on refis, FHFA will be able to assess the ability of its title insurance waiver pilot to reduce closing costs with a smaller group of lower-risk loans.