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June 24, 2016 - Inside The GSEs

GSEs Sold Credit Risk on $1 Trillion in UPB So Far

Fannie Mae and Freddie Mac have now sold credit risk on more than $1 trillion in unpaid balances of single-family mortgages combined. As of the second quarter, Freddie sold slightly more and transferred the risk on $552.7 million, and Fannie sold $550.1 billion. In the second quarter, Freddie’s credit risk transfer transactions amounted to $75.6 million, an increase from $53.7 billion in the first quarter but less than the $98.0 billion transferred in the second quarter of 2015. Fannie transferred the risk on $37.3 billion in the first quarter, down from the $65.9 billion the previous quarter and $46.2 billion a year earlier.


June 24, 2016 - Inside The GSEs

GSE Repurchase Activity Sets Another All-Time Low in 1Q16

The level of repurchase activity at Fannie Mae and Freddie Mac continued to decline during the first quarter, helped along by the resolution of older buyback cases, according to a new Inside The GSEs analysis of Securities and Exchange Commission disclosures by the two. Lenders repurchased or replaced just $315.0 million of mortgages – or otherwise indemnified the GSEs – during the first quarter, the analysis reveals. That was the lowest quarterly repurchase total since Fannie and Freddie, along with other asset securitizers, began filing repurchase disclosures with the SEC back in early 2012. First-quarter repurchases were down 11.8 percent from the fourth quarter of 2015 and 35.9 percent below the total for the first three months of last year.


June 24, 2016 - Inside Mortgage Trends

GSE Repurchase Activity Fell to Record Low in Early 2016, Focus on New Loans

Mortgage lenders continue to face persistent repurchase demands from Fannie Mae and Freddie Mac, but a growing share of them end up being withdrawn, according to a new Inside Mortgage Trends analysis of disclosures made by the two government-sponsored enterprises. During the first quarter of 2016, lenders repurchased or replaced $315.0 million of mortgage loans for breaches of representations and warranties. That was a record low for ... [Includes two data charts]


June 24, 2016 - IMFnews

VA Streamlined Refis Soared in the First Quarter

Outreach and lender-education efforts by industry groups, such as the National Association of Realtors and the National Association of Home Builders, have boosted refis as well...


June 24, 2016 - IMFnews

First-Time Homebuyer Share Hits Five-Year High

The increase in first-time homebuyer volume and market share has occurred without looser underwriting in terms of credit scores and loan-to-value ratios…


June 23, 2016 - IMFnews

VA Originations Top $103 Billion Through First Eight Months of FY 2016

VA reported that it’s encouraged to see more millennial veterans using the program…


June 23, 2016 - IMFnews

The Final Jumbo Tally for 1Q16: Just a Shade Over $100 Billion, Including GSE Loans

There is a fighting chance that agency high-cost limits could go up in 2017.


June 22, 2016 - IMFnews

Wells Fargo Remains the Top Jumbo Servicer – By Far; Strong Growth for JPM

Chase serviced $169.70 billion of jumbos at March 31, up 27.3 percent from the year before….


June 21, 2016 - IMFnews

Reverse Lending Rises 7.7 Percent in 1Q16; Nonbanks Continue to Dominate the Sector

American Advisors Group remained as the alpha dog of the reverse lending pack, producing $525.7 billion in HECMs during the first quarter…


June 20, 2016 - IMFnews

Interest-Only Lending Up Almost 27 Percent in 1Q16

Chase, which has significantly increased its jumbo originations in recent years, more than doubled its IO originations in the first quarter.


June 17, 2016 - Inside Nonconforming Markets

Borrowers with Large Loans Consider Few Lenders

The first report from the National Mortgage Database offers some details on borrowers with large loans beyond the data included in the Home Mortgage Disclosure Act. The NMDB includes information from surveys administered by the Consumer Financial Protection Bureau and the Federal Housing Finance Agency. The federal regulators survey about 6,000 new borrowers on a quarterly basis, accounting for about 0.4 percent of the population of new mortgage originations ...


June 17, 2016 - IMFnews

MBS Outstanding Holds Steady; Foreign Buyers, Pension Funds Boost Holdings

Ginnie Mae officials often tout the popularity of their MBS in Asian and other overseas markets…


June 16, 2016 - IMFnews

Mortgage Debt Outstanding Hits $10 Trillion Mark for the First Time Since 2012

The residential servicing market is a slow-changing glacier…


June 15, 2016 - IMFnews

As Rates Drop, Mortgage Lenders Increase Hiring – Even the Megabanks are Looking for Workers

One trend that appears to be gaining momentum is the increased use of call centers and loan officers working at such shops who are compensated at lower commission rates…


June 15, 2016 - IMFnews

A Trend Continues: Depositories Trim Non-Mortgage ABS Holdings

It was the ninth consecutive quarterly decline in bank ABS investment since the end of 2013…


June 15, 2016 - IMFnews

JPM’s Jumbo Originations Performing Exceptionally Well, 60+ Delinquency Rate Below 1.0 Percent

Performance in Chase’s jumbo program has remained strong even with the lender loosening underwriting standards somewhat...


June 13, 2016 - IMFnews

Surge in Purchase Activity Drives GSE Business Higher in May

Fannie Mae and Freddie Mac produced $73.23 billion of single-family mortgage-backed securities in May, a solid 6.3 percent increase from April, according to a new ranking and analysis by Inside The GSEs.


June 10, 2016 - Inside The GSEs

Healthy Surge in Purchase Activity Pushes GSE Biz Higher in May

Fannie Mae and Freddie Mac produced $73.23 billion of single-family mortgage-backed securities in May, a solid 6.3 percent increase from April, according to a new ranking and analysis by Inside The GSEs. The key ingredient was a 13.0 percent jump in the volume of purchase mortgages delivered by lenders last month. The GSEs securitized $33.25 billion of purchase-money mortgages in May, the strongest monthly total since October 2015 ... [Includes two data charts]


June 10, 2016 - IMFnews

Home-Equity Lending Declines in First Quarter, Unused HELOC Commitments Increase

New home-equity originations on home-equity lines of credit and closed-end second mortgages fell by 6.3 percent from the fourth quarter to an estimated $45.0 billion. However, that was up 18.4 percent from the first quarter of last year.


June 8, 2016 - IMFnews

Warehouse Commitments Were Flat in 1Q, but Demand and Usage Rates Are Increasing

Another bank seeing a pickup in clients is Southwest Bank, Dallas…


June 8, 2016 - IMFnews

More Interest-Only Loans Set to Recast, Fewer Defaults Expected

Last year, $18.8 billion in outstanding IOs in non-agency MBS hit 10-year recasts…


June 7, 2016 - IMFnews

Origination Profits Rise in 1Q16, But Down YOY; Servicing an Issue

MBA said the average pre-tax production profit was 33 basis points in the first quarter of 2016, compared to an average net production profit of 22 bps in 4Q15.


June 7, 2016 - IMFnews

Mixed Trends in Banks’ First Lien Holdings; A Stunning Increase for JPM

JPMorgan Chase may not like FHA loans very much, but it certainly has a strong appetite for jumbos, hence the huge growth in its retained portfolio...


June 6, 2016 - IMFnews

FHA Production Spikes in First Quarter, VA Not So Much…

California led all states in VA mortgage securitization with $5.6 billion, 60.8 percent of which were refis.


June 6, 2016 - IMFnews

May Was Solid for Lenders, June Could be Even Better

Paul Rozo, CEO of Paramount Residential Mortgage Group, Corona, CA, said his shop witnessed a noticeable “uptick” in May and his fingers are crossed regarding the current month.


June 3, 2016 - Inside FHA/VA Lending

Banks’ New 3% Down Programs Could Steal FHA Market Share

Two major banks recently launched their own 3 percent downpayment programs, which stakeholders say could shift volume from FHA to the government-sponsored enterprises. How much volume though remains unclear, analysts say. Last week, Wells Fargo and JPMorgan Chase rolled out their respective low downpayment programs for first-time homebuyers and low-to-moderate-income families, which require only 3 percent down. Neither program involves the FHA, and they appear designed to pick up where Wells and Chase left off when they decided to cut back on their FHA business in order to reduce liability risk. Wells and Chase are among several major banks and nonbanks that have coughed up billions of dollars in settlements with the federal government in the last couple of years to resolve allegations of fraud under the False Claims Act and violations of ...


June 3, 2016 - IMFnews

California Still the ‘Golden State’ for Loans Sold to Fannie and Freddie

In California, the average Fannie and Freddie loan was $307,302, in line with the state’s 2015 average of $310,185.


June 3, 2016 - IMFnews

Buoyant Housing Market Lifts Agency MBS Issuance for May; Purchase Pace Beats Comparable for 2015

The three agencies produced $114.71 billion of new single-family MBS last month, a 5.3 percent increase from April’s volume.


June 2, 2016 - IMFnews

Refis Make a Comeback, Eclipse Purchase Loans in First Quarter

Although purchase-mortgage lending is expected to pick up considerably in the second and third quarters, the refi market isn’t dead yet.


May 31, 2016 - IMFnews

The Final Word on Bank Mortgage Profits for 1Q16: Down Almost 27 Percent

The banking industry sold $145.3 billion of home mortgages during the first quarter, a 5.1 percent decline from the previous period.


May 27, 2016 - IMFnews

Mortgage Securitization Rates Turn Paltry in 1Q16; Banks Keep Hogging Jumbos

Wells Fargo reported an 11.7 percent increase in its conventional-conforming originations during the first quarter, but the company’s GSE loan sales fell 12.2 percent on a sequential basis – quite a differential.


May 26, 2016 - IMFnews

Loan Brokers Increased Market Share to 10 Percent in 1Q16. Can Those Gains Hold?

The top retail producer in 1Q was Wells Fargo, the top table-funder United Wholesale Mortgage…


May 24, 2016 - IMFnews

FHA Production Slips in 1Q16; Just One Bank Among the Top 20 in FHA Retail

FHA loans as a share of all loan originations rose 7 percent year-over-year…


May 23, 2016 - IMFnews

Final Jumbo Tally for 1Q16: $77 Billion; JPM Dethrones Wells as Market Leader

Last summer, Chase started offering jumbos with credit scores as low as 680 and downpayments as small as 15 percent. Previously, the bank required credit scores of at least 720 and 20 percent down…


May 20, 2016 - Inside FHA/VA Lending

FHA Originations Decline in 1Q16, Production Improves Year-over-Year

FHA activity was lackluster in the first three months of 2016 as loan originations fell 7.8 percent from the prior quarter, according to Inside FHA/VA Lending’s analysis of agency data. The weak first-quarter production of $53.5 billion appeared to continue a trend from 2015, which saw the fourth quarter close with $58.1 billion, down significantly from $73.7 billion in the third quarter. In contrast, FHA originations fared better year-over year. Loan production was up 35.6 percent in the first quarter compared to the same period last year. Purchase lending totaled $36.5 billion in the first three months with overall production trending downward during the period. Borrowers in the 640-679 and 680-719 credit score ranges made up the bulk of new endorsements for January and February, the latest FHA data show. It is unlikely that trend will change even if March endorsements were added. Between all ... [ 2 charts ]


May 20, 2016 - IMFnews

What We’re Hearing: Let the TRID-Compliance Games Begin! / The Central Nervous System = CMS / And Don’t Forget a Parking Space for the CFPB! / JPM Now the Jumbo King / A New MSR Deal From IMA / Where Would the GSEs Be Without Their Legal Recoveries?

Helpful CFPB mortgage audit tip: Set aside a parking space for the visiting CFPB examiner(s) that says, “Welcome, CFPB…”


May 20, 2016 - IMFnews

Surprise: First-Time Homebuyers Finally Gain Market Share Despite Limited Inventory

First-time buyers tend to target homes with lower prices, which have been in particularly short supply recently.


May 20, 2016 - IMFnews

The Love Affair Continues: Banks and MBS, Though the Big Boys Pull Back

At $1.661 trillion, it’s a new record in terms of banks and MBS holdings…


May 19, 2016 - IMFnews

Purchase-Mortgages Fell Almost 13 Percent in 1Q16…

Production of loans with FHA, VA and rural housing guaranties held up a little better than the other sectors, with estimated originations slipping 1.0 percent from the fourth quarter.


May 18, 2016 - IMFnews

The Final Tally: MSR ‘Marks’ Hammered 1Q16 Results of Nonbank Mortgage Firms

How disruptive were MSR ‘marks’? The nine nonbank lenders tracked by Inside Mortgage Trends reported a combined $510.0 million loss in the first quarter…


May 17, 2016 - IMFnews

A Positive Sign: GSE Business Rises in April – But Slightly

The average credit score for purchase loans securitized last month was 749.7, the first time that measure has been below 750 in over two years.


May 16, 2016 - IMFnews

Subprime Servicing Drops, Regulatory Issues Do Not

Ocwen Financial continues to rule the roost in terms of subprime servicing…


May 13, 2016 - IMFnews

Mortgage REITs Scale Back MBS Holdings in 1Q16, But...

The MBS holdings of 16 top mortgage REITs were down 0.3 percent from the fourth quarter...


Poll

What is the very best source of new mortgage customers for your lending shop? (Choose one only.)

Leads provided to me by employer

13%

Paid internet/website leads

9%

Real estate agents/Realtors

31%

Homebuilders

6%

Our existing customer base/our servicing customers

19%

My own personal sales "leads" database

13%

Other

9%

Housing Pulse