July 21, 2016
Latest from Inside Mortgage Finance
Total non-agency MBS issuance fell by 17.0 percent from the previous quarter according to estimates from Inside MBS & ABS
Ginnie Mae edged past Freddie Mac in servicing outstanding on single-family mortgages tied to mortgage-backed securities during the second quarter of 2016, according to a new ranking and analysis by Inside Mortgage Finance. MBS disclosure reports show the supply of Ginnie mortgage servicing rights grew 2.1 percent during the second quarter, climbing to $1.576 trillion, excluding multifamily and reverse mortgage MBS. The supply of Freddie single-family servicing edged up just 0.4 percent from March, reaching $1.558 trillion and slipping to third in the agency MSR market. Fannie Mae single-family MSR servicing declined...[Includes two data tables]
The Consumer Financial Protection Bureau any day now could release its long-awaited regulation finalizing its proposed amendments to its 2013 mortgage servicing rules, posing yet another compliance challenge and requiring one more round of systems upgrades from the industry as a result. According to a consensus of industry experts, the two biggest subject areas have to do with bankruptcy proceedings and successors in interest. “On the eve of the servicing rules taking effect, the bureau made...
While some banks have reduced their FHA lending in recent years and alternatives from the government-sponsored enterprises are still gaining traction, homebuyers still have access to low-downpayment mortgage programs, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. “Most real estate agents say high loan-to-value ratio mortgages are readily available, especially for homebuyers with good credit,” said Tom Popik, research director for Campbell Surveys. The HousingPulse survey covering activity in June included...
Latest Mortgage Data
- Nonbanks Continue Gaining Market Share in Servicing
- TPO Market Share Nudged Higher in 2Q16
- MBS & ABS Issuance at a Glance
- Ginnie Mae Production Up Sharply Across the Board in Second Quarter
- Jumbo MBS Underwriting Loosens Slightly
- Mortgage Complaints Show Double-Digit Decline in 2Q16
- More Latest Data
Large depository institutions continued to let their servicing portfolios of loans pooled in Fannie Mae and Freddie Mac mortgage-backed securities slowly decline in the second quarter of 2016. A new Inside The GSEs analysis shows that banks, thrifts and credit unions still accounted for the lion’s share of GSE MBS servicing at the end of June. Depositories serviced $2.778 trillion of Fannie and Freddie single-family loans tied to MBS, or 66.6 percent of the total market. But that was down 0.9 percent from the previous quarter during a period when the total servicing of GSE single-family MBS edged slightly higher. Nonbanks, however, continued to gain market share.
New issuance of non-mortgage ABS faltered in the second quarter of 2016, but the market has rebounded strongly in recent weeks, according to a new Inside MBS & ABS analysis. New ABS issuance totaled $43.07 billion in the second quarter, a modest decline from the first three months of 2016. That put year-to-date production at just $86.42 billion, off 18.0 percent from the first six months of 2015. Activity picked up...[Includes two data tables]
The secondary market in mortgage servicing rights rebounded during the second quarter of 2016 after starting the year with a thud, according to an exclusive Inside Mortgage Trends analysis of mortgage-securities disclosures by Fannie Mae, Freddie Mac and Ginnie Mae. The three agencies saw a combined $42.95 billion of MSR change hands in bulk transactions during the second quarter. That was up 20.6 percent from the first quarter, when ... [Includes two data charts]
JPMorgan Chase is preparing to issue its second large prime non-agency mortgage-backed security with loans eligible for sale to the government-sponsored enterprises, according to documents filed with the Securities and Exchange Commission this week. While there has been some speculation about the benefits big banks will see from such MBS, Marianne Lake, Chase’s CFO, said the Chase Mortgage Trust transactions are attractive to the bank. “We’re keeping the ...
Ginnie Mae issuers produced a hefty $125.42 billion of new single-family mortgage-backed securities during the second quarter of 2016, according to a new Inside FHA/VA Lending analysis of MBS data. The government-insured market continued to run hotter than the Fannie Mae and Freddie Mac sector. Ginnie MBS issuance – including FHA’s home-equity conversion mortgage program – was up 31.1 percent from the first quarter, while single-family MBS issuance by the two government-sponsored enterprises rose 26.2 percent over the same period. Excluding HECM, Ginnie issuance was up 31.5 percent in the second quarter. While FHA forward mortgages continued to be the biggest source of collateral, the VA program actually produced a bigger gain, 42.4 percent, from the first to the second quarter. VA production saw a major boost in refinance activity, up 58.4 ... [Includes four charts ]
A mortgage industry group wants to turn the TRID disclosure tables back on the regulators and reveal to homebuyers all the fees – including those imposed by the government – they have to pay for their home purchases, and not just those generated by the industry. The mortgage broker organization known as NAMB – The Association of Mortgage Professionals wants the CFPB and the Federal Housing Finance Agency to further clarify the TILA/RESPA Integrated Disclosure Rule by including a new line item that clearly states the “hidden” guarantee-fees and loan- level price adjustments from Fannie Mae and Freddie Mac. [However, it should be noted that the FHFA has no authorities under the Truth in Lending Act nor the Real Estate Settlement Procedures Act.] ...
Most Popular Stories
- Half of Outstanding Agency Mortgages Have Interest Rates Higher than 4.000%
- Short Takes: Impac Increases Originations / Low-Downpayment Program at Guaranteed Rate / Jumbo Reverse Mortgage Originations / Mortgage Fraud Trends
- Short Takes: Earnings Increase at Black Knight / GSE Reform Talk at RNC / FirstKey Preps Large MBS / Stonegate's Distributed Retail Hire
- Realtors Say Low-Downpayment Programs Readily Available
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