PennyMac ranked as the top producer of purchase-money mortgages in the first quarter of 2021. Quicken Loans remained the top refi lender but lost ground to many competitors. (Includes four data charts.)
First-timer loans with private mortgage insurance slipped to 38.6% in the first quarter, down 9 basis points, while the share of FTHB loans with no MI was basically unchanged.
At its current pace, the banking industry will soon have less than $3 trillion of servicing-for-others on its books. But MSR values saw one of their biggest quarterly gains in early 2021.
Although seller buybacks from Fannie/Freddie MBS trusts rose sharply in the first quarter, they still account for a miniscule share of total GSE business.
Commercial banks boosted their ABS holdings during the first quarter, with much of the gain coming in paper backed by auto loans. TD Bank added $2.2 billion of auto deals to remain the top bank ABS investor. (Includes two data charts.)
Correspondent volume was unchanged from the fourth quarter, although a handful of companies grew their shares of the channel and others pulled back. (Includes six data charts.)