A shift away from refinancing to purchase-mortgage lending played to the FHA's strengths as the program came close to reclaiming top-dog status in the government market. (Includes two data charts.)
It's no surprise that the massive agency refinance boom showed signs of fizzling out, but purchase-mortgage business slumped just as housing season rolled into high gear. (Includes two data charts.)
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.