Activity at the GSEs is moving away from areas where the non-agency market could compete with Fannie Mae and Freddie Mac. Cash-out refi business could be the next category to take a hit as FHFA has directed the GSEs to increase upfront pricing. (Includes data chart.)
Borrowers and lenders increased their emphasis on ARMs in the second quarter as interest rates continued to spike. The loans accounted for more than 12% of total originations during that time. (Includes data chart.)
Banks and thrifts added a significant amount of first liens, with a focus on adjustable-rate mortgages, to their portfolios in the second quarter. Overall, holdings increased by 4.2% between March and June. (Includes data chart.)
Pricing increases that took effect in April reduced the volume of loans for second homes and conforming jumbos going to the GSEs. The “core” product share of GSE business also hit a high level in the second quarter. (Includes data chart.)
Among the top 15 servicers of nonprime mortgages, portfolios increased slightly in the second quarter. Delinquencies, meanwhile, improved. (Includes data chart.)
Among the top 30 jumbo servicers, portfolios increased during the second quarter. Servicing declined at top-ranked Wells and increased at nearly all others in the top 10. (Includes data chart.)
Bank and thrift holdings of first-lien mortgages increased in the first quarter of 2022. Meanwhile, Wells Fargo and JPMorgan trimmed their portfolios. (Includes data chart.)
Originations of adjustable-rate mortgages declined in the first quarter of 2022, but at a slower rate than the downturn in total first-lien production. ARMs accounted for 7.9% of total originations during the quarter. (Includes data chart.)
Non-agency originations of higher-priced mortgages increased by nearly 60% on an annual basis in 2021. The top lenders include a mix of expanded-credit producers and lenders that focus on manufactured homes. (Includes two data charts.)
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