The jump in refinance business, and a shift from cash-out to rate-term transactions, changed the credit-risk profile for Fannie and Freddie in the fourth quarter.
Commercial banks and savings institutions reported another decline in the volume of mortgages they repurchased in the third quarter of 2024. PNC Bank accounted for the largest chunk of the bank industry’s repurchases, at 11.3%.
The correspondent channel’s share of originations increased for both conventional-conforming loans and nonconforming mortgages in the third quarter, according to a survey of lenders. Meanwhile, brokers gained share in the government-insured market. (Includes two data tables.)