Market Data

Browse articles from all of our Newsletters related to Market Data.

October 23, 2014 - IMFnews

High Premiums Come Back to Haunt FHA: Purchase Market Share Falls to Five-Year Low

The chickens come home to roost: from 2008 through 2013, HUD increased the FHA’s annual mortgage insurance premium five times.


October 20, 2014 - IMFnews

An Origination Surprise: 3Q Production Better Than Expected, So Far

It’s not clear whether the rest of the industry will push the third-quarter origination results higher.


October 17, 2014 - Inside The GSEs

Bank, Thrift FHLBank Advances Increase in Second Quarter 2014

The use of Federal Home Loan Bank advances among bank and thrift members rose overall during the second quarter of 2014, according to the Inside Mortgage Finance Bank Mortgage Database. All of the nation’s banks and thrifts used a combined $437.7 billion in advances as of June 30, 2014, up 11.6 percent from the first quarter of 2014 and an 18.8 percent increase from the same period a year earlier.


October 17, 2014 - IMFnews

What We’re Hearing: MBA Turns a ‘Profit’ Again / About that MBA Office Building / The State of the Mortgage Union / The Era of Non-QM Starts Right Now / No Clarity From Wingspan / Ellie Mae’s Sky High P/E Ratio / Yet Another Departure From Nationstar Mortgage

Bill Dallas, who runs Skyline Lending, told us he believes the “new” non-agency movement is beginning right now. “Today, we‘re doing 90 percent agency,” he said. “In 2017 the ratio will be 60 percent agency.”


October 16, 2014 - IMFnews

Zombie Woof: Thanks to Lingering ‘Legacy’ Issues, GSE Buybacks Spiked in 2Q

In fact, nearly a fifth of the repurchases involved loans sold to the GSEs by Lehman Brothers or its related mortgage businesses.


October 15, 2014 - IMFnews

Jumbo MBS Issuance Spikes in 3Q, Credit Suisse the Top Issuer

Redwood Trust ranked second in terms of issuance for the third quarter, pricing $636.0 million in jumbo MBS.


October 15, 2014 - IMFnews

Bank of America 3Q Mortgage Results: Originations Rise but Layoffs Ensue

Bank of America blamed the layoffs on “continued reductions” in its legacy mortgage business “as well as actions taken in sales and fulfillment as refinance demand slowed.”


October 14, 2014 - IMFnews

Short Takes: Walter Joins the ‘New Low’ Club / When Will the ‘Dark Days’ End for the Public Nonbanks? / ETA on Wingspan Announcement? / MBA Wants Faster Action on a Single Security / In MI We Trust

Specialty servicer Wingspan is expected to issue a press release this week, providing some clarity about a change of control at the company and the future of its founder...


October 14, 2014 - IMFnews

Just One Nonbank Had a Jumbo Market Share North of 1 Percent

Banks were the top nine jumbo lenders, led by Wells Fargo with $41.49 billion in originations, accounting for a healthy 15.8 percent of all jumbo lending.


October 14, 2014 - IMFnews

Is Wells Fargo Losing its Origination Mojo?; 3Q Fundings Almost Flat

Compared to the same quarter a year ago, residential originations fell 40 percent at Wells. At JPM the downdraft was even worse...


October 13, 2014 - Inside the CFPB

Consumer Complaints Again Fall By Double Digits in Third Quarter

After a rough first quarter in which consumer complaints filed with the CFPB rose by 29.1 percent (mostly because of credit reports), the second and the third quarters have seen double-digit declines, 14.8 percent in 2Q14 and 14.6 percent in 3Q14, according to a new analysis by Inside the CFPB. Of the nine categories of gripes tracked, seven showed declines, all by double digits, with the money transfer sector leading the drop-off, down 28.4 percent from the second quarter. Debt collection criticisms slid 20.5 percent, followed by mortgages (17.6 percent), bank accounts (15.4 percent), student loans (14.5 percent), credit cards (12.1 percent) and credit reports (10.0 percent). The two rough spots were grievances about consumer loans, which were up 28.4 percent [with two exclusive data charts] ...


October 10, 2014 - Inside FHA Lending

Ginnie Mae MBS Issuance Increases in 3Q14

Ginnie Mae issuance for the first nine months of 2014 totaled $207.5 billion as government-backed purchase-mortgage activity picked up in the third quarter, according to an analysis of agency data. New issuances rose 19.8 percent from the second quarter. FHA loans accounted for $116.9 billion of new Ginnie Mae issuances while VA and the Rural Housing Development funneled $75.9 billion and $14.2 billion, respectively, of new loans into Ginnie Mae pools. Mortgage securities backed by home-equity conversion mortgages are not included. Purchase mortgages totaling $140.6 billion comprised the bulk of new issuances over the nine-month period while the share of refinances totaled $49.8 billion. Modified loans accounted for $17.1 billion. Most of the FHA and VA loans originated during the first nine months came through the ... [ 2 charts ]


October 10, 2014 - Inside FHA Lending

Millennial Agenda Underscores FHA’s ‘Blueprint’

President Obama this week released his agenda for creating economic opportunity for millennials, including greater access to mortgage credit through FHA. While the economy has recovered and there has been some improvement in the housing market, millennials are on a much slower pace toward homeownership than previous generations, the president said. Many are in rental housing, ready to become homeowners but are locked out by the tough, restrictive lending environment, he added. Millennials – identified as those born between 1982 and 2004, also known as Generation Y – are finding it harder to purchase homes because of lender overlays, high mortgage insurance premiums and high downpayment requirements. It also has been difficult for anyone with a credit score below 680 to obtain a purchase-mortgage loan. In his agenda, Obama expressed concern over the ...


October 10, 2014 - IMFnews

Non-Agency MBS Market Revs Up in Third Quarter; Well, Comparatively Speaking…

Analysts at Bank of America Merrill Lynch are predicting a solid fourth quarter for jumbo MBS, enough to bring the total for 2014 up to about $8.0 billion when the year is over.


October 9, 2014 - IMFnews

Private MI Volume on GSE Loans Heads North – By Almost 30 Percent

Back in the first quarter of 2013, only 31.3 percent of Fannie/Freddie purchase mortgages had private mortgage insurance.


October 9, 2014 - IMFnews

Credit Unions Reach a Milestone in Mortgage Lending: A Market Share North of 10 Percent

Back in 2004, credit unions accounted for just 3.2 percent of total mortgage originations. Not anymore.


October 6, 2014 - IMFnews

Industry Deconsolidation Continues, Wells’ Share of GSE Market Gets Smacked

IMT also found that in 3Q, seven of the top 15 sellers to Fannie and Freddie were nonbanks.


October 3, 2014 - IMFnews

Okay, Home Equity Lending is on the Rise Again – But So Are the Risks

For those lenders originating HELOCs, they will have more failed loans on their hands – that is, if the theory is proved true.


October 3, 2014 - IMFnews

Agency MBS Issuance Has Its Best Quarter of the Year, But…

Among our findings, a few things stand out, including the ascension of PennyMac to the number two position among Ginnie Mae issuers.


October 2, 2014 - IMFnews

Home Equity Lending Spiked in Second Quarter; BofA Dominates

Banks, thrifts and credit unions reported $540.4 billion of HELOCs on their books at the end of June, down 0.9 percent from March.


October 2, 2014 - IMFnews

GSE Securitization Volume Up 29 Percent in 3Q; Purchase Volume Key

The GSEs securitized $100.30 billion of purchase mortgages during the third quarter, a 28.3 percent sequential gain.


October 1, 2014 - IMFnews

New Jumbo MBS From JPM Has Highest Average (Post-Crisis) Combined LTV

The senior tranche on the Chase jumbo deal has credit enhancement of 9.90 percent.


October 1, 2014 - IMFnews

FHA Originations on the Rise in Summer; Purchase Share at 81.9 Percent

Quicken Loans once again ranked first among all FHA lenders, out producing Wells Fargo by more than $170 million. No, that's not a misprint.


September 30, 2014 - IMFnews

Higher-Priced Mortgage Lending on the Rise?

While higher-priced lending is on the rise, pricing on these originations isn’t nearly as high as it was in the subprime boom.


September 29, 2014 - Inside the CFPB

Credit History, DTI Issues Outpace Collateral for Purchase Denials

Credit history and debt-to-income outpaced collateral as the primary contributors to mortgage application denials in the purchase-loan segment in 2013, according to an analysis by Inside the CFPB of the latest Home Mortgage Disclosure Act data released last week by the CFPB and the Federal Financial Institutions Examination Council. It was a much closer horse race in the refinance space, but then again, collateral is always more of an issue for refis. Credit history was identified as the cause of denial for 26.3 percent of applications last year in FHA/VA purchase mortgages, followed by DTI at 23.3 percent, with collateral registering only at 12.4 percent. Things were a little more competitive in the conventional home purchase loan space. There, credit ...


September 29, 2014 - Inside the CFPB

Republicans Pounce on GAO Report On CFPB’s Huge Data Collection

Members of the Senate and House Grand Old Party wasted no time in seizing upon a new report from the Government Accountability Office that confirmed the huge scope of the CFPB’s data collection initiative and cited weaknesses with data security and privacy. “The CFPB’s massive data collection effort is an unwarranted, unwelcome intrusion into the private financial lives of millions of Americans,” said Senate Banking, Housing and Urban Affairs Committee ranking member Mike Crapo, R-ID, who requested the study. “This GAO report confirms what the bureau would not – that it has been collecting information on up to 600 million American financial accounts, and it does not have the proper safeguards in place to protect the information it is collecting,” he ...


September 29, 2014 - IMFnews

An MBS Program on Fire: Ginnie Mae

The Ginnie II program now accounts for up about 98 percent of new agency issuance.


September 29, 2014 - IMFnews

Ginnie Mae Tops Among Agencies in Financing Minorities

Fannie, Freddie and Ginnie All saw most of their business come from borrowers earning less than $150,000 per year.


September 26, 2014 - Inside FHA Lending

Downturn Avoided with $518M in New HMBS

Issuers of securities backed by Home Equity Conversion Mortgages created $518 million in new HMBS pools during August, the third largest monthly HMBS issuance this year and the latest month for which HMBS issuance data was available. August’s new issuance total was up slightly from July’s $507 million, according to New View Advisors, which advises financial services clients on capital markets, product development and investment strategies. Ninety-one pools were issued, consisting of 46 original issuance and 45 tail pools. Original HMBS pools are created when a pool of FHA-insured reverse mortgages is securitized for the first time. Tail HMBS issuances are HMBS pools created from the uncertified portions of HECMs that have already had their original HMBS issuance. Tail issuances accounted for about $140 million. Beginning with FY 2014, HECM principal limits were ...


September 26, 2014 - Inside FHA Lending

FHA’s QA Draft Addresses Enforcement Concerns

Obama administration officials and federal regulators met recently with mortgage industry representatives to discuss lender overlays and other obstacles preventing borrowers with slightly tainted credit and first-time homebuyers from obtaining a mortgage. Neither administration officials nor industry participants, however, spoke on or off the record about the things that were discussed during the Sept. 17 meeting at the White House. It was also unclear whether both sides have agreed on any solutions to the issues that lenders say are preventing them from lending. Sources, however, said one major issue is lenders’ uncertainty about their legal responsibilities and liabilities, which already have cost the industry billions of dollars in massive legacy settlements. Lenders have complained that even the slightest loan paperwork error could force them out of the ...


September 26, 2014 - Inside FHA Lending

Ginnie Mae AE Discusses Other Issuer Pitfalls

Approved issuers must ensure that loans have the requisite federal insurance or guarantee before bundling them for securitization, cautioned Ginnie Mae. Loans that fail Ginnie’s “loan matching” review will be tagged as “uninsured” and will not be accepted for securitization, according to John Kozak, a Ginnie Mae account executive and a panelist at a conference sponsored by the agency this week. Ginnie Mae uses loan matching to screen for mortgages that may have been endorsed on paper but have not been actually insured or guaranteed by either the FHA, VA or the Department of Agriculture’s Rural Housing Development. Every month, Ginnie Mae takes a certain lender’s entire mortgage portfolio and throws it up against the agency’s insured/guaranteed database in search for loan mismatches. To do this, the agency uses “two-string match” criteria, which consist of a ...


September 26, 2014 - Inside FHA Lending

GNMA to Tighten Supervision of Issuers

Ginnie Mae has unveiled new plans for issuer standards as well as steps to boost liquidity in the mortgage servicing rights (MSR) market. Agency officials at a summit hosted by Ginnie Mae this week in Washington, DC, said both actions are designed to avoid issuer failures and to preserve residential mortgage servicing as an economically viable activity and MSRs as an attractive asset class. The officials said changes will be made to Ginnie’s mortgage-backed securities program to support the agency’s transformation from a pre-crisis bank-driven government MBS program to a post-crisis program where non-depositories and smaller financial institutions play a much bigger role. By the middle of next year, approximately a third of Ginnie MSRs will have changed hands over the previous four years, agency officials said. Many of the new owners of the servicing rights are ...


September 26, 2014 - IMFnews

What We’re Hearing: How Long Can Regulators Keep ‘Baby-Proofing’ the American Mortgage Market? / Non-QM Lending is a $50 Billion Market. That’s All? / Citadel Has Little or No Competition / Ocwen-Wells MSR Deal Imminent… Not

In other words, mortgage banking is now supposed to be a “sure thing” where no one – and we do mean no one – takes on risk or fails. Ever.


September 26, 2014 - IMFnews

The Federal Reserve Continues to be the Hog at the MBS Trough

At the top of the heap was the Federal Reserve, which boosted its agency MBS portfolio by 3.8 percent during the second quarter.


September 25, 2014 - IMFnews

Home Mortgage Debt at Its Lowest Level Since 1Q 2006

The increase in mortgage debt outstanding in the third quarter of 2013 increasingly looks like an aberration rather than a turning point.


September 24, 2014 - IMFnews

Mortgage Brokers Originate Slightly Riskier Loans, At Least on Agency Products

Broker originations also had a significantly larger average loan amount, $230,082, than the other channels.


September 23, 2014 - IMFnews

Short Takes: Mortgage Industry Shrinks but Not by Much / Can It Be? Final Risk Retention Rules? / Treasury’s Experiment in Non-Agency MBS / October Non-QM Launch for Ethos / JPM Removed From Virginia Lawsuit

It appears that Ethos Lending will enter the non-QM market come October...


September 22, 2014 - IMFnews

Secondary Market Sales of Mortgages Rebounded in 2Q but Down Considerably From Last Year

On a year-to-date basis, mortgage sales were down 63.6 percent from the first half of 2013.


September 19, 2014 - IMFnews

What We're Hearing: Do Banks Really Hate Mortgages? / Stearns Hires Former BofA Retail Honcho / Do the GSEs Really Need Capital? / A Bad NPL Experience?

Commercial banks hate mortgages. No, they don't. Yes, they do. No they don't. Yes, they do...


September 18, 2014 - IMFnews

Purchase-Money Market Share at its Highest Level in 19 Years

The biggest chunk of purchase business for the GSEs were loans ranging from $200,000 to $300,000, which accounted for 29.4 percent of their business.


September 16, 2014 - IMFnews

Subservicing Growth Ebbs, but Prospects Still Look Bright

Dovenmuehle and Cenlar have long dominated the sector, but a growing number of small and midsized players have made inroads in recent years.


September 15, 2014 - IMFnews

Bank First-Lien Portfolios Continue to Grow, Including Agency Loans

Among the four largest holders of first liens, only Bank of America decreased its portfolio in the second quarter.


September 12, 2014 - Inside FHA Lending

FHA FRM Lending Propels Overall Volume in 2Q

FHA single-family loan production picked up in the second quarter thanks to a surge in fixed-rate mortgage lending, according to an Inside FHA Lending analysis of agency data. A 15.2 percent increase in FHA fixed-rate volume helped propel overall FHA originations in the second quarter, which rose 16.0 percent from the first quarter. Adjustable-rate lending also was up 32.3 percent over the same period. FHA purchase originations increased 20.6 percent, while FHA-insured refinances rose by only 4.3 percent. On the other hand, conforming-to-FHA refinances were down 4.5 percent from the first quarter. FHA baseline lending (below $417,000) saw volume rise 17.6 percent, while FHA-jumbo loan amounts up to the statutory high-cost loan limit increased by 6.2 percent. On the other hand, the volume of jumbos exceeding ... [1 chart]


September 12, 2014 - Inside FHA Lending

FHA Lending Back on Track with <680 Score

The average FHA credit score in the second quarter of 2014 continued to decline from the record highs of 2011, but remains well above the levels preceding the mortgage and credit crisis, according to FHA’s latest report to Congress on the state of the agency’s Mutual Mortgage Insurance Fund. The FHA’s second-quarter average credit score of 680 was 3 points below the previous quarter’s score and 13 points below the score during the same period last year. The report’s data suggest that FHA has accomplished its goal of shifting its market share to the 620-679 credit score bucket consistent with its target market while ceding its share of loans with scores exceeding 720 to the private MI sector. The last time borrowers’ average credit score hit 680 was in the second quarter of 2009. FHA officials said they are working to have 75 percent of the FHA lending in the ...


September 12, 2014 - Inside FHA Lending

MMIF in Negative Cash Flow in 2Q14, Says Report

The FHA Mutual Mortgage Insurance Fund account balances fell by $0.5 billion during the second quarter of 2014 to $45.3 billion due to higher claim payments and property expenses. Observers, nonetheless, remain optimistic the fund will return to full stability in 2015 with no further change in the mortgage insurance premium charged to borrowers. The MMIF’s total balances peaked at $48.4 billion in the third quarter of 2013 and then slipped gradually over the last three quarters, according to data in the FHA’s latest report to Congress regarding the financial health of the Mutual Mortgage Insurance Fund. Total revenues from premium collections, property sale, and note sale proceeds were $4.3 billion, while $5.1 billion was paid to cover claims and property expenses in the second quarter. This resulted in a negative$821 million cash flow in the quarter, the smallest outflow since ...


September 12, 2014 - IMFnews

What We're Hearing: A Mortgage M&A (Mini) Tidal Wave? / A Vendor Shakeup as Well? / 34 LOS Vendors? / It’s Hard Breaking Into Subservicing / Walter, the Best of the Three / The CFPB Wasn’t Even There!

The days of the megabanks – Wells Fargo, JPMorgan Chase and Bank of America – buying mortgage companies (of any size) are over. Never again. Right?...


September 11, 2014 - IMFnews

Short Takes: Altisource Unveils Broker Launch / If You Had Bought MGIC Stock Two Years Ago… / UGI and Other MIs Offer Rescission Relief / The ‘Jumbo Three’

Altisource Portfolio Solutions has rolled out a new operating platform for brokers, table funders and third-party vendors.


September 11, 2014 - IMFnews

2Q Jumbo Production Had Better Growth Than Overall Market

Lenders financed $11.9 billion of conforming-jumbo mortgages – loans greater than $417,000 – through Fannie, Freddie and the FHA during the second quarter.


Poll

What is it going to take to convince lenders to loosen the credit box (i.e., remove underwriting overlays)?

The recent rep and warranty changes announced by the Federal Housing Finance Agency should go a long way in protecting lenders from future buybacks and help expand mortgage credit.
There won’t be any significant elimination of underwriting overlays until the government stops seeking huge mortgage-related penalties and settlements from lenders.
There shouldn’t be any expansion of the mortgage credit box since looser underwriting is what caused the recent mortgage crisis.

vote to see results
Housing Pulse