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