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.
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.
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.)
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.)
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.)
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.)
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.)
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.)
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.)
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