It was the highest three-month production reading in the program’s history, continuing a run in which the past five quarters represented the five highest Ginnie totals ever.
While the supply of VA loans in Ginnie MBS continued to grow during the third quarter, the volume of securitized FHA forward mortgages fell 2.7% from the end of June.
However, compared to Bank of America, Wells looked like a rock star. BofA produced just $13.4 billion of residential loans in the July-to-September period, an ugly 42.4% drop from the second quarter...
The reason for the decline: Many borrowers saw their forbearance plans expire because they did not contact their servicer. At least, that’s what MBA concluded.
In other words, in a market sized at roughly $2 trillion, and with total delinquencies measured at $218.9 billion (according to Ginnie’s website), the so called COVID-19 liquidity crisis never arrived...
Despite what looks like good news, Black Knight warned there are another 800Kforbearancesreaching the end of their initial six-month terms over the next 30 days...
The agencies securitized almost $592 billion of single-family refi loans, a 17.8% increase from 2Q. Refis accounted for 64.7% of the market during the third quarter. However, purchase-mortgage activity increased more in percentage terms...