The figures are not adjusted for seasonal factors, and FHA/VA default rates often trend lower in the first quarter. FHA home equity conversion mortgages are not included in the data.
Back in early June, the share price of Fannie/Freddie common was rallying, reaching $3.16 (for the former) and $3.07 for the latter. If you had bought in at those prices, today you’d be looking at losses of 23.1% and 24.7%, respectively.
Banks and other lenders typically hire third-party collectors to recoup debt or sell the accounts to debt buyers. There are approximately 9,330 debt collectors/buyers in the U.S., said the bureau.
The biggest chunk of the insured market was loans with private MI coverage: $78.32 billion in the second quarter, a 49.3% increase from the previous period. That broadened the private MI footprint to 42.0% of the insured agency market, up from its relatively low 41.7% share in the first quarter.
The results suggest that once combined, the resulting institution – dubbed Truist Bank – will be a formidable competitor, close to cracking the top ten.
Florida, Texas, Virginia and Georgia were all relatively MI-rich, with insured loans accounting for more than 60.0% of total agency business in those states.
An exclusive new analysis found that 14.8% of loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter were originated by mortgage brokers. That’s the highest broker share seen since all three agencies began reporting loan-level data that include, among other things, production channel.
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