California was the biggest source of private MI loans for Fannie Mae and Freddie Mac, but the state doesn’t dominate the GSE insured market the way it does in other measures.
Although the credit characteristics of Fannie/Freddie purchase mortgages have remained fairly consistent over the year, there were some signs of loosening.
Correspondents are an especially good source of purchase mortgages. During the third quarter, purchase mortgages accounted for over half (50.5 percent) of correspondent-originated loans securitized by Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac securitized $285 billion of single-family mortgages during the third quarter, an almost 16 percent drop from the previous three-month period. As for the outlook for the fourth quarter, the industry is nervous.
Wells Fargo and Bank of America rank first and second, respectively, among bank home equity lenders, according to exclusive rankings from Inside Mortgage Finance.