A significant shift from refi to purchase-mortgage lending shaped the ranking of Ginnie issuers in the second quarter. Securitization of modified loans, including mortgages coming out of COVID forbearance, was up sharply. (Includes four data charts.)
Things aren’t back to pre-crisis levels by any means. In 2006, quarterly non-agency MBS issuance averaged over $285 billion every three months. It will take a miracle to reach that level for all of 2021.
Fed by strong jumbo production, non-agency MBS issuance surged to $43 billion in the second quarter, the highest level since the end of 2007. (Includes three data charts.)
Although 30-day delinquencies were up, Fannie, Freddie and Ginnie all saw significant declines in the number of loans two- and three-payments past due. (Includes data chart.)
Interfirst Mortgageis rolling out “ONE,” a new loan product for investors in non-owner-occupied homes. The wrinkle: the mortgage carries a “single interest rate” that does not adjust...
Nonbank servicing of Freddie single-family MBS soared 58.6% over the past year, while Fannie saw a 31.1% gain. But in the stagnant Ginnie market, nonbanks managed to grow their servicing by just 5.9% since June 2020. (Includes two data charts.)
Combined MBS issuance by the three agencies fell $38.26 billion during the second quarter. Sales of California loans to the agencies dropped $36.94 billion from the first quarter.
Strong increases in loan sales by Wells Fargo, JPMorgan Chase, Truist and Citizens Bank helped boost the banking industry's share of new GSE business in the second quarter. (Includes two data charts.)
While Fannie and Freddie refi business fell sharply in the second quarter, there were significant increases in loans with low credit scores. Meanwhile, the fastest growing sectors of the GSE purchase market had higher LTV ratios. (Includes two data charts.)