The rating service said both technicals and fundamentals in the mortgage market appear more resilient to stress than in previous crises, while highlighting some vintage differences.
Default rates on Fannie/Freddie loans continued to decline in the third quarter of 2022, while FHA-insured loans in Ginnie MBS pushed the overall Ginnie delinquency rate higher.
Commercial banks and savings institutions reported significant declines in secondary market mortgage activity during the second quarter. Home loans held for sale on banks’ books also saw a severe drop. (Includes two data charts.)
Repurchase activity at banks and thrifts increased sharply during the second quarter. PNC Bank overtook JPMorgan Chase to lead the industry in buybacks. (Includes data chart.)
Depository institutions’ share of mortgage originations grew for the fifth straight quarter during the April-June cycle, but nonbanks still dominated the market. (Includes two data charts.)