GSE Seller Profile: 4Q12

The most active sellers of home mortgages to Fannie Mae and Freddie Mac rely on significantly different strategies in generating loan originations. With this new Inside Mortgage Finance data report you will see how much your competitors’ business differs from yours and exactly where the differences are.

The GSE Seller Profile: 4Q12 examines the loans sold to Fannie Mae and Freddie Mac between October 2012 and December 2012 to bring you extensive detail on GSE activity by lender/issuer—particulars such as average FICO score, average debt-to-income ratio, and average original loan-to-value ratio.

This report looks at the 1,881 sellers to the GSEs in this quarter and reports on their activity. You’ll find

  • Ranking of the 1,881 sellers by volume with detail on their market share, volume by channel, volume by loan purpose and average loan characteristics.

  • An alphabetical listing with rank, total volume and market share and detail on each seller’s volume by channel, volume by loan purpose and average loan characteristics.

  • Separate rankings of GSE sellers by channel with channel volume and market share. These rankings provide separate detail on average credit score, DTI, LTV and loan size for refinance and purchase loans.

  • Average coupon for the Top 100 sellers for each month in the quarter. You’ll find coupon rate for all loans as well as for each purpose and each channel.

The data in the GSE Seller Profile are derived by IMF’s research team from Fannie Mae and Freddie Mac loan-level mortgage securities disclosures.

Find out who’s doing what to score more business. For example:

  • Whose production relies heavily on correspondent lending;

  • Where the high FICO scores are;

  • Where the business is getting done—where opportunities lie;

  • What’s the average size of the loans your competitors are making;

  • By lender, what are the average FICO, DTI, LTV, size, refi share, and channel breakdown,

  • Analyze production strategies for competitive advantage and partnering potential.

Using the data, you can draw information about the market as a whole…

  • There were only 14 companies that could claim more than a 1.0 percent share of the GSE market in 4Q12, although there was a huge number of lenders that sold mortgages to the GSEs during the three-month period.

  • While nearly all of the 1,881 lenders active in 4Q12 had at least some retail originations, only 260 sold loans to the GSES that had been originated by correspondents. Even fewer sold loans from the broker channel.

Or in fine detail about specific market players…

  • Flagstar and US Bank both pulled in more than 60 percent of their loans from the correspondents, but their business looked dramatically different. US Bank, whose second largest source was retail, had loan characteristics that outshone the market averages: FICO scores of 764, DTI of 31.6 and LTV of 73.6. Flagstar, who relied on brokers more than retail, showed characteristics on the other side of the market average, with FICO of 754, DTI of 33.8 and LTV of 81.2.

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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