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January 30, 2015 - Inside Mortgage Trends

Data: Top Sellers of TPO Originations - 12M2014

A ranking of the top 100 sellers of third-party originations included in mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae in 2014. Includes break-outs of Fannie/Freddie volume, Ginnie volume, correspondent volume and broker volume for each lender.

January 30, 2015 - Inside The GSEs

GSE Single-Family Servicing Market Grew in Late 2014

Despite heavy volume in new single-family business in recent years, there has been little growth in the outstanding volume of Fannie Mae and Freddie Mac servicing. GSE single-family servicing peaked at $4.794 trillion back in 2009. Up until 2014, refinance activity accounted for over 70 percent of Fannie/Freddie new business; there was a lot of churning in GSE servicing rights but a net decline in outstanding volume. The rebound in purchase-mortgage lending last year began to turn that around. A new Inside The GSEs analysis of Fannie and Freddie mortgage-backed securities disclosures shows total single-family servicing grew modestly in both the third and fourth quarters of 2014. The analysis shows a total of $3.956 trillion of single-family servicing at the ...

January 30, 2015 - IMFnews

Little Growth in Fannie Mae/Freddie Mac Servicing Rights

Wells Fargo was the largest Fannie/Freddie servicer at yearend with $791.0 billion, followed by Chase Home Finance ($429.1 billion) and Bank of America ($260.4 billion).

January 29, 2015 - IMFnews

It’s Official: 2014 Worst Production Year Since 2000, But Better Than Many Anticipated

The top five lenders in the industry accounted for 33.8 percent of total production last year, down from a combined 40.8 percent market share back in 2013.

January 28, 2015 - IMFnews

VA-Backed Originations Rocking and Rolling; USAA, Quicken Tops

Demand for VA products is being sparked by declining interest rates and the fact that these government-backed loans do not require any downpayments.

January 23, 2015 - Inside FHA Lending

Streamlined FHA Refinances Increase in 3Q14

Streamlined FHA refinance volume increased slightly in the third quarter of 2014 as incentives put in place in 2013 continued to attract FHA borrowers, according to an Inside FHA Lending analysis of agency information. Streamlined refi production rose 2.4 percent in the third quarter of last year, closing a nine-month period with $14.2 billion in new loans. A comparison of nine-month FHA-to-FHA refinance activity, however, shows volume falling a hefty 79.6 percent year over year. As of Sept. 30, 2014, streamlined refinances accounted for 14.3 percent of total FHA originations. The FHA announced a revised streamlined refi program in December 2013 to help FHA borrowers with underwater mortgages to refinance without added cost or penalty. The loan does not require an appraisal or verification of job, income or credit. A perfect, three-month payment history is required and ... [ 1 chart ]

January 23, 2015 - Inside FHA Lending

Low Rates, High Demand Power VA’s 3Q14 Surge

Production of loans with a VA guaranty was moderately strong in the third quarter of 2014, thanks to lower rates and increased demand for the no-downpayment loans, according to Inside FHA Lending’s analysis of the latest agency data. A 14.1 percent quarter-to-quarter surge helped the industry end last year’s first nine months with a total of $76.3 billion in VA loans, mostly purchase home mortgages taken out by a younger generation of war veterans. VA streamline refinancing also accounted for a substantial chunk of originations, 19.2 percent. Volume jumped from $19.5 billion in the first quarter of 2014 to $26.5 billion the following quarter. Lenders closed out the third quarter with $30.2 billion. Stanley Middleman, chief executive officer of Freedom Mortgage, said VA lending is on the upswing, driven by low interest rates. He thinks the VA home loan guaranty program has been ... [ 1 chart ]

January 23, 2015 - Inside FHA Lending

FHA Likely to Reclaim Share with Premium Cut

The half-percent annual premium reduction the FHA announced recently will likely enable the agency to reclaim the high loan-to-value segment of the mortgage market from Fannie Mae and Freddie Mac, according to analysts. Speaking with some originators that have been looking at the best way to securitize high LTV loans, Deustche Bank securities analysts said the lower FHA annual premium would put pressure on the government-sponsored enterprises to lower the cost of their guarantees. “The grapevine has anticipated for months that [g-fees] have little chance of going up and more chance of going down,” the analysts said. “But the specific risk triggered by the FHA move is that the cost of credit will now drop for high-LTV conventional borrowers.” Even before the FHA policy shift, private mortgage insurers have been pressuring the Federal Housing Finance Agency to ...

January 23, 2015 - IMFnews

ABS Market is Back: 2014 Strongest Post-Crisis Year Yet for Issuance

ABS issuance was up 12.0 percent from the prior year, with solid gains in three of the market’s key sectors: auto finance, credit cards and business loans.

January 22, 2015 - IMFnews

First-Time Buyers Accounted for 43 Percent of Agency Purchases in 2014; Wells Dominant

Just over $224 billion of mortgages to first-time homebuyers were included in agency MBS issued in 2014, according to figures compiled by IMF.

January 21, 2015 - IMFnews

Nonbanks See GSE Market Share Climb to 44.8 Percent; Freedom Stands Out

Still, the four super-sized U.S. banks – those with more than $1 trillion in assets – continue to rank in the top five GSE sellers.

January 21, 2015 - IMFnews

Nonprime Lender Citadel Triples Production in 2014, May Do It Again

Roughly 5 percent of Citadel's production is retail with correspondent accounting for 7 percent. The balance entails table funding.

January 20, 2015 - IMFnews

Mortgage Brokers Staged Comeback in 4Q14 with GSE Business

Meanwhile, Fannie Mae and Freddie Mac continued to get less of their business from their five biggest customers.

January 16, 2015 - IMFnews

The Megabank Mortgage Roundup: 4Q Reveals Some Up, Some Down

Two of the four, Chase and BofA, reported increased originations during the fourth quarter. At Chase, production was up 8.5 percent...

January 16, 2015 - Inside The GSEs

Nonbanks Continue Claiming Larger Share of GSE Business

If 2015 is anything like 2014, Fannie Mae and Freddie Mac will be getting over half of their single-family business from nonbanks by the end of the year. A new Inside The GSEs analysis of loan-level mortgage-backed securities data reveals that nonbanks accounted for 44.8 percent of Fannie/Freddie MBS issued in the fourth quarter of 2014. That was up from a nonbank share of 37.2 percent during the fourth quarter of 2013 and just 28.1 percent back in the first quarter of that year. As a group, nonbank sellers increased their total GSE sales by 2.9 percent from the third quarter to the fourth quarter, while the overall market declined by 2.1 percent. The biggest ... [with two exclusive charts] ...

January 16, 2015 - Inside Mortgage Trends

Brokers Make Comeback in 4Q14 GSE Business

New single-family business at Fannie Mae and Freddie Mac declined 2.1 percent during the fourth quarter of 2014, but you can’t blame it on mortgage brokers. The two government-sponsored enterprises securitized $20.53 billion of broker loans over the final three months of the year, up 3.7 percent from the third quarter, according to a new Inside Mortgage Trends analysis of loan-level mortgage-backed securities data. That gave broker loans a ... [Includes one data chart]

January 16, 2015 - IMFnews

What We’re Hearing: Nonbanks Almost Equal to Banks in GSE MBS / More Mortgage Trouble for Cerberus / Meddling by Cerberus? / Hope for Ocwen? / The Failed GSE Duopoly? / Investor Unite a Bust?

The Federal Housing Finance Agency will unveil nonbank capital guidelines for servicers by mid-year. Also on the docket: Changes to loan level price adjustments..

January 16, 2015 - IMFnews

Lenders Preparing for a Refi Boom(let)? Looks That Way

At press time, the yield on the 10-year Treasury was at 1.80 percent, the lowest level since May 2013.

January 15, 2015 - IMFnews

Mortgage Applications Up 49 Percent? It All Depends on Whom You Talk To

“We’ve seen a huge uptick in FHA streamlines with everyone waiting to order new case numbers,” said company president Eddy Perez.

January 15, 2015 - IMFnews

First-Lien Production Down Slightly at BofA; CRES Continues to Bleed Red Ink

At yearend, Bank of America serviced $693 billion of home mortgages, a 4 percent decline from Sept. 30.

January 15, 2015 - IMFnews

GSE Securitization of Insured Mortgages Down Slightly in 4Q; HARP Ugly

The biggest decline in MI business during the fourth quarter came in loans refinanced through the Home Affordable Refinance Program.

January 14, 2015 - IMFnews

4Q Mortgage Banking Income Fell 27 Percent at JPM, Originations Up 8 Percent

Meanwhile, JPM marked down the asset value of its residential servicing portfolio to $7.436 billion at Dec. 31, 2014, a 10 percent reduction from 3Q14.

January 14, 2015 - IMFnews

A Bright Spot for Consumer Complaints: Mortgages; Yes, That’s Correct

The positive performance, a drop of 14.5 percent, is most likely due to the continued recovery in the overall economy as well as the housing market.

January 14, 2015 - IMFnews

Fourth Quarter Originations Down 8.3 Percent at Wells Fargo

Although JPM reduced the asset value of its mortgage servicing portfolio in 4Q, Wells marked up its MSRs.

January 13, 2015 - IMFnews

Home Equity Lending Expected to Increase

The two top banks increased their HEL holdings from midyear, and industry analysts expect home-equity lending to continue to increase in 2015.

January 12, 2015 - IMFnews

2014: The Jumbo MBS Boom That Wasn’t

S&P believes the gap in execution between whole-loan sales and securitization has started to narrow.

January 9, 2015 - IMFnews

Asset Securitization Plunge in 2014 – Blame it on Agency MBS

There was one piece of good news: Freddie Mac managed to boost its share of the GSE market up to 40.6 percent for all of 2014.

January 8, 2015 - IMFnews

GSE Securitizations Down Ever So Slightly in 4Q

It was the strongest refi volume of the year, and it helped offset a 9.8 percent drop in purchase-mortgage securitization over the same period.

January 7, 2015 - IMFnews

Morgan Stanley Discloses 7.9 Percent Stake in Ocwen – On Behalf of Clients

On an annualized basis, Ocwen Financial is still profitable and has a price-to-earnings ratio of 10.

January 6, 2015 - IMFnews

California Still Loves Loan Brokers – A Lot

Mortgage brokers originated 21.3 percent of Golden State mortgages during the first nine months of the year...

January 5, 2015 - IMFnews

Big Decline in Subservicing Contracts at BofA, Ocwen, Nationstar

BofA has been a steady seller of mortgage servicing rights the past three years and seems to have no interest in being a subservicer.

January 5, 2015 - IMFnews

Mortgage Sales by Depositories Spike 25 Percent

In 3Q the top seller of mortgages into the secondary market was Wells Fargo with $39.29 billion, a 12.7 percent sequential improvement.

December 31, 2014 - IMFnews

What We’re Hearing: The Top Mortgage Stories of 2014: A Kinder, Gentler FHFA; The Ocwen Disaster; Nonbanks (Except for Ocwen) Continue to Thrive; The End of QE; A Mortgage M&A Boom in Miniature; The FHA MMIF Returns to the Black…

Who knows, maybe Mel Watt will allow Fannie and Freddie to build retained earnings. (Don’t bet on it, but it’s an issue worth debating.)

December 30, 2014 - Inside The GSEs

California Ripe for Loan Brokers, Weak on Purchase Mortgages

Mortgage brokers accounted for 10.9 percent of single-family mortgages securitized by Fannie Mae and Freddie Mac during the first nine months of 2014, but they achieved far deeper market shares in California and a handful of other states. Brokers originated 21.3 percent of Golden State mortgages during the first nine months of the year, their biggest footprint in any state, according to an exclusive Inside The GSEs analysis of loan-level data ... [Includes one data chart]

December 30, 2014 - Inside The GSEs

GSE Repurchase Activity Slowed Sharply in 3Q14

Fannie Mae and Freddie Mac reported further declines in repurchase activity during the third quarter of 2014, according to a new Inside The GSEs analysis of disclosure reports filed by the enterprises with the Securities and Exchange Commission. Mortgage seller repurchases and indemnifications totaled just $543.1 million during the third quarter, a decline of 68.7 percent from the previous three-month period. It was the lowest quarterly repurchase volume since ... [Includes one data chart]

December 29, 2014 - IMFnews

Short Takes: How Much Do Loan Officers Earn? / The Lending Club is Worth What? / $17.6 Trillion In Untapped Equity / Wild Stock Market Effecting Homebuyers?

Of that amount, $9.9 trillion is mortgaged, according to Inside Mortgage Finance, which means consumers have untapped equity of $17.6 trillion.

December 29, 2014 - IMFnews

Ginnie Mae Transfers Plummet; A Lack of Mega Deals?

The market heated up significantly in 2013 with $152.22 billion of Ginnie MSRs being transferred.

December 24, 2014 - IMFnews

Banks Increase Holdings of First Liens Ever So Slightly

Wells Fargo and JPMorgan Chase increased their first-lien holdings compared to 3Q 2013 while Bank of America and Citigroup experienced a decline.

December 23, 2014 - IMFnews

The Ocwen Stock Carnage: Investors Lost $1.13 Billion in Just One Day

Meanwhile, stock analysts who were once bullish on Ocwen are now taking out their knives, downgrading or slamming the once high-flying company.

December 22, 2014 - IMFnews

Warehouse Commitments Relatively Flat but Outstandings Start to Rise

At First Tennessee Bank, for example, its commitments were flat from the second to the third quarter, but average outstandings increased by 13 percent to $861 million.

December 22, 2014 - IMFnews

Interest-Only Originations Are Down but Not Entirely Out

PHH Mortgage was the top-ranked IO lender, with $9.51 billion in such originations through three quarters in 2014.

December 19, 2014 - Inside FHA Lending

MBA Boycotts FHA Panel Talk for Being too Biased

The Mortgage Bankers Association this week declined to participate in a panel discussion on FHA hosted by the American Enterprise Institute because the trade group did not believe the discussion would be balanced and though it would favor only a certain point of view. The topic was “FHA from 1934 to 1938: Lessons for Wealth Building,” with Ed Pinto, a resident fellow at AEI, and Dave Stevens, MBA president, as presenters. Stevens, however, decided to pull out of the event when he saw the format. In a letter to the AEI organizers, Stevens said he agreed to be a presenter thinking the debate “would be a balanced approach.” “When I first agreed to do this, I did not expect that the format would be 45 minutes of [Ed Pinto] and then no more than 12 minutes for me to respond,” he wrote. “That’s an extremely lopsided approach that did not appear to be ...

December 19, 2014 - IMFnews

Mortgage Financing Gains as Cash Deals Lose Market Share

Non-cash financing was used on 72.4 percent of home purchases in November, based on a three-month moving average.

December 19, 2014 - IMFnews

In a Stalled MBS Market, Heavy Hitters Increase Their Holdings

On the supply side, there were $5.63 trillion of single-family MBS guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae outstanding at the end of September.


The FHA is cutting its annual premium by 50 basis points. How much of a difference will this cut make in your FHA business?

Not much at all—maybe 10 percent at best.
Modestly. We expect a 10 percent to 25 percent gain in applications.
This is a real game changer, 25 percent or better.
Hard to say. This cut may just steal business away from the new Fannie/Freddie 97 LTV effort.

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