GSE Repurchase Activity
Whether from defaulted legacy loans dating to the start of the housing crisis or from new production under review while still performing, lenders continue to face the specter of buybacks in 2013. During the first six months of the year, lenders other than Bank of America repurchased $7.3 billion in loans sold to Fannie Mae or Freddie Mac. They succeeded in getting $6.7 billion in repurchase demands withdrawn. But still as of June 30, $5.0 billion in demands were pending or in dispute.
For many lenders, the big picture gets lost amid the flood of daily requests from Fannie and Freddie. They have no clear picture of their total exposure, how well theyve done fighting back, or how their repurchase record compares to others in the industry.
GSE Repurchase Activity, a semiannual Inside Mortgage Finance data report, provides information on all buyback motion in the reporting period. For each lenderincluding your own companythis data report breaks down by origination year
- Repurchases made during the reporting period,
- Demands pending or in dispute as of the last day of the reporting period, and
- All demands withdrawn during the reporting period.
- In the first six months of 2013, PNC Mortgage repurchased $37.3M in loans, including $11.1M securitized between 2011 and 2013.
- Branch Banking & Trust won withdrawals on $58.9M in requests at the halfway mark in 2013, mostly from Freddie Mac, which accounted for $55.0M of the demands.
- The 1,565 sellers who saw some buybacks activity in the first six months of 2013, whether it was a demand that was repurchased or withdrawn during the period or an open request in pending or disputed status as of June 30, ranged from #1 Countrywide ($7.0B total activity, of which $6.7B was repurchases from Fannie) to #1565 ShoreBank, which had just $150,000 in activity, all part of a pending/disputed demand at Freddie.
- Leaving the mortgage business wasnt enough to resolve MetLife Home Loans repurchase woes. At June 30, the lender still faced $5.8M in pending/disputed demands, all for loans securitized between 2008 and 2013. Nearly half date to 2009 and more than a quarter from the more recent 2011-2013 period.
In the current report, First Half 2013, youll find information on 1,565 lenders. For each of these lenders, youll have at a quick glance the total picture: the volume of repurchases and withdrawn demands during the six-month period as well as the volume of pending or disputed demands at June 30. For each lender, youll also know the breakdown for each category between demands from Fannie and those from Freddie.
Youll find the lenders ranked by volumehow high on the list are youand also listed alphabetically. For greater ease of use in your analysis and research, the report is also available in Excel format.
Use the data in GSE Repurchase Activity to benchmark your repurchase exposure and mitigation rate. See how the demands against your business compare to other lenders who have sold loans to Fannie and Freddie. Find out how theyve fared in turning back the demand and whether your record is above or below par.
With the most recent report, youd know:
Choose the purchase option that best suits your needs:
- Subscribe to GSE Repurchase ActivityReceive semiannual updates in Excel format. With this option, youll know the current status for all lenders and youll be able to track past experience and trends with the full flexibility to sort and view the data in the way best suited to your research...$2,392 per year
- Purchase current-period GSE Repurchase Activity in Excel formatDelivered in spreadsheet format, youll have unlimited flexibility to sort and view the repurchase, pending and withdrawal information from the most recent reporting period .$1,732
- Purchase current-period GSE Repurchase Activity in print or downloadable PDFPresented in volume and alphabetic order, this 202-page report lists all of the lenders impacted in the most recent half-year period .$732
- Purchase past GSE Repurchase Activity reportsFull Year 2012, First Half 2012, 2006-2011 (titled Analyzing GSE Mortgage Buyback Demands).
- GSE Seller Profile: 3Q13
- GSE Repurchase Activity First Half 2013
- Top Mortgage Players: 2Q13
- Mortgage Profitability Report: 2Q13
- GSE Market Profile: FY12
- GSE Private Mortgage Insurance Profile
With loan volumes falling, particularly refinancings, where do you see originations coming in at in 2014?
- $1.4 trillion to $1.6 trillion
- $1.2 trillion to $1.39 trillion
- $1 trillion to $1.19 trillion
- Beam me up, Scotty
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