Although serious-delinquency rates declined at Fannie Mae, Freddie Mac and Ginnie Mae, the agencies reported a sizable increase in 30-day late payments during the third quarter. (Includes data chart.)
Local concentration of mortgage lending may not raise interest rates, but it does increase fees and points, especially for low-income and minority borrowers.
Sales to Fannie Mae and Freddie Mac saw larger concentrations of higher-risk mortgages, in both the purchase and refinance sectors. But high-FICO loans continue to account for most GSE business. (Includes two data charts.)
Banks reported a 10% drop in retail originations through their mortgage banking operations in the second quarter. Loan sales also declined and likely continued to in the third quarter. (Includes two data charts.)
A sharp drop in bank mortgage repurchases from the first to the second quarter was due mostly to one institution: USAA Federal Savings Bank. (Includes data chart.)
Bank call-report data show a huge drop in mortgage banking income from the first to the second quarter, but several top banks reported big gains. (Includes data chart.)
When an industry thrives, its chief trade organization usually thrives as well. But not in FY20, when COVID-19 and accounting entries from the year before nicked MBA’s bottom line.
The key to a modest increase in servicing-for-others in the banking industry was the purchase of a large nonbank by Western Alliance Bank. (Includes data chart.)
Only two of 21 banks reported increased income from mortgage banking during the second quarter, both due to improvement on the servicing side of the business. (Includes data chart.)
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