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Inside Mortgage Finance

May 7, 2020

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April Brings Record $236 Billion of Agency Business

Most of the phenomenal increase in agency MBS issuance last month came from the refinance sector, though purchase volume rose smartly as well. Nonbanks led the way. Read More

Jumbo the Biggest Loser in 1Q20 Originations Slump

Loans eligible for sale to Fannie Mae and Freddie Mac or insured by FHA or VA accounted for a huge 86.1% of first-lien originations in early 2020. Both jumbo and expanded-credit mortgage lending fell sharply in the period. (Includes two data charts.) Read More

Signs of Life in Bulk MSR Sales as Tire Kickers Return

MSR investors are looking at new offerings in the bulk market but mostly on a negotiated basis. Flow deals are dead but that could change. Read More

FHFA Clarifies: Impac’s MSR Sale Was Not Forced

Impac Mortgage Holdings is about to unload what’s left of its MSR assets. Meaning? Read More

Servicers Tap Prepayments; Relief From Agencies Limited

The gap between when prepayment proceeds are received and when the funds must be transferred to agencies provides an opportunity for servicers to use the funds for forbearance-related advance payments. Read More

COVID-Related Charges Tank GSE Earnings

A 91% drop in GSE earnings during 1Q has raised concerns about their second-quarter performance and exit from conservatorship. Read More

Mortgage Applications Slow in COVID-19 Hot Spots

States with a higher case rate of coronavirus infections saw a larger drop in purchase-mortgage applications in March, according to the CFPB. Read More

Guaranteed Rate Settles FHA Underwriting Violations

A whistleblower-initiated investigation has resulted in Guaranteed Rate agreeing to pay $15 million for violating False Claims Act rules. Read More

Lawmakers Ask Servicers to Provide Consistent Information

The House Financial Services Committee has asked servicers to disseminate consistent information about pandemic-related forbearance options. Read More

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