Although FHLB borrowing declined in the first quarter, with lenders continuing to reduce outstanding advances, profits for the system as a whole were up 9.6% from the fourth quarter and 16.6% year to date. (Includes three data tables.)
Even though Fannie Mae and Freddie Mac maintained healthy profits in a tough market in the first quarter, their capital shortfalls under the ERCF remained absurdly high. (Includes data table.)
Fannie Mae has added three new attributes to its daily prepayment report for mortgage-backed securities. The enhancements will provide timely data on principal reductions.
Declining volumes at large sellers in the third quarter shifted market share to small shops. United Wholesale Mortgage remained the top GSE loan seller during the quarter. (Includes two data charts.)
The vast amount of appraisal data released over the past year by FHFA has been a boon to researchers. However, many critics argue the regulator and the regulated entities should release all appraisal data.
Some 1.5% of GSE loans have home equity levels below 10%, suggesting Fannie/Freddie borrowers would be resilient if home prices were to decline. More than 83% of loans have at least 30% equity.
Chase Home Finance solidified its position as the largest GSE servicer in the second quarter while the servicing portfolio at second-ranked Wells Fargo continued to shrink.
Outstanding FHLBank advances have only surpassed $1 trillion one other time. Banks and thrifts — including now-failed institutions — boosted their advance usage in the first quarter. (Includes three data charts.)
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