Market Data

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

April 17, 2015 - IMFnews

What We’re Hearing: Concern Over LPMI Discounting? / RoundPoint Still Hunting for a Suitor / A Book out on Seterus? / When Fannie Almost Bought Litton / loanDepot Claims It’s Among the Fastest

If Fannie Mae bought a servicing platform Congress, of course, would blow a gasket...


April 17, 2015 - IMFnews

Jumbo MBS Issuance Reaches Post-Crisis High

In the jumbo MBS sector, mortgage firms issued $4.60 billion of bonds in 1Q, a hefty 20.3 percent increase from 4Q and more than triple the volume posed during the first three months of 2014.


April 17, 2015 - IMFnews

Credit Union Share of Residential Production Hits a Record 9.45 Percent

Credit unions now lay claim to almost 10 percent of the residential lending market.


April 16, 2015 - IMFnews

GSE Refi Loans with PMI Spike 37 Percent in First Quarter 2015

The steadily declining average loan-to-value ratio on PMI-covered refinances reflects dwindling production in the HARP program.


April 16, 2015 - IMFnews

Fannie, Freddie, MBA Hike Their Origination Forecasts (Some Ever So Slightly)

Some lenders are swamped with refis...


April 15, 2015 - IMFnews

BofA Grows Originations by Almost 13 Percent; Layoffs Ensue

BofA continues to carve down the size of its mortgage servicing portfolio.


April 7, 2015 - IMFnews

Loan Production is a ‘Natural Hedge’ but Some Top Servicers Have a Replenishment Problem

The replenishment rate is calculated by dividing servicing outstanding by annual production volume.


April 6, 2015 - Inside the CFPB

Complaints About Mortgages Plunge Quarter Over Quarter

Consumer complaints to the CFPB fell in most financial service product segments during the first quarter, not only from the previous quarter but also from one year ago, according to the latest analysis of bureau data by Inside the CFPB. Total gripes in the first quarter of 2015 declined 8.2 percent from the fourth quarter of 2014, and slid 17.0 percent compared to the first quarter of 2014. Once again, consumer criticisms about residential mortgages led the decline in both timeframes, dropping 20.3 percent quarter over quarter and plunging 33.5 percent year over year. The fall-off is likely due to the shrinkage in overall mortgage originations as well as the continued recovery in the overall housing and mortgage markets. The [with exclusive data chart] ...


April 6, 2015 - IMFnews

Short Takes: Navy Fed Sets New Company Record for Originations / Keep, Don’t Sell / PennyMac Amends Servicing Facility / Fed Keeps Buying MBS, but Less Than Before / DBRS Adds Portfolio Advisors

The no-downpayment product from Navy Federal is called “HomeBuyer’s Choice,” and year-to-date the lender has funded $179 million in such loans…


April 6, 2015 - IMFnews

Lenders Losing Their Appetite for the Ginnie Mae ‘Eagle’?

However, the late January 50 basis point reduction in FHA premiums should help.


April 6, 2015 - IMFnews

Small to Medium-Sized Lenders Had Stellar 1Q. Can it Last?

The wholesale division of Premier Nationwide Lending had its best month of October 2013...


April 6, 2015 - IMFnews

Jumbo MBS Issuance Hit Post-Crisis High in First Quarter

Six firms issued jumbo MBS in 1Q 2015, down from eight participants the previous quarter.


April 3, 2015 - Inside FHA/VA Lending

Around the Industry

Fannie Mae Updates Reverse Mortgage Loan Servicing Manual. Fannie Mae has updated its reverse mortgage servicing manual with changes and clarifications to policies pertaining to Home Equity Conversion Mortgages. For HECMs, Fannie now requires servicers to place a real estate-owned hazard insurance policy upon completion of a foreclosure sale. It also outlined servicers’ responsibilities regarding the documentation and cancellation of REO hazard insurance claims; reimbursement of REO hazard insurance premiums; and remittance of insurance loss proceeds. The revised policy changes must be implemented no later than April 1, 2015. House Democrats Reintroduce Housing Finance Reform Bill. Democrats on the House Financial Services Committee have introduced legislation that would provide private and government risk-share coverage to all mortgages, create a ...


April 3, 2015 - IMFnews

What We’re Hearing: A Loosening of Credit? Not Really / How Big of an LLPA Cut? / PMIERs? / Ocwen Earnings on Indefinite Hold / High Turnover at NE Lender? / PennyMac Gets Financing from Citi / UWM Says Freddie 3 Percent Down Product Better Than FHA

As one Ocwen source told us: It’s on “indefinite” hold…


April 3, 2015 - IMFnews

Banks and Thrifts Hold Just Under $1 Trillion of Second Liens

The 90+ day delinquency rate on second liens was 0.27 percent at December 31, just about flat compared with the previous quarter.


April 3, 2015 - IMFnews

Mortgage and ABS Market Rebounded in First Quarter

Fannie Mae, Freddie Mac and Ginnie Mae securitized $151.1 billion of refi loans during the first quarter, a 34.8 percent increase from the end of 2014.


April 2, 2015 - IMFnews

Short Takes: Fannie’s First NPL Sale Draws Near? / Former Subprime Executives Stage a Comeback / Golden First Settles with FHA for $36 Million / BofA Top Seller to Freddie

According to an informational circular on Angel Oak Mortgage Solutions, some of the top executives at the firm used to work for Southstar Funding in Sandy Spring, GA.


April 2, 2015 - IMFnews

Thanks to Refis, A Sweet Issuance Quarter for Fannie and Freddie

Refinance loans accounted for over half (62.2 percent) of total GSE business during the first quarter...


April 1, 2015 - IMFnews

Lenders Feel Good About Loan Production This Year, Well Sort Of

According to a March forecast, Fannie Mae estimates that $1.239 trillion of residential loans will be funded this year.


April 1, 2015 - IMFnews

The Problem with 2014 Mortgage Profits: A Weak Return on Originations

Residential originations for the group fell 45.7 percent from 2013, indicating that profit margins shrank slightly more than production volume.


March 31, 2015 - IMFnews

Mortgage Origination Profits Looking Rosy?

Meanwhile, according to interviews conducted by IMFnews with certain warehouse consultants, profits have been quite good during the first quarter...


March 31, 2015 - IMFnews

High Credit Score Mortgages Continue to Dominate GSE Lending

Mid-range credit scores – from 700 to 739 – accounted for 21.3 percent of Fannie and Freddie business last year.


March 30, 2015 - IMFnews

Banks Shift Tactics on Loan Modifications, Reducing Use of Interest Rate Reductions

Loan modification tactics varied based on whether a mortgage was serviced for Fannie/Freddie or was non-agency in nature.


March 27, 2015 - IMFnews

VA Originations Continue to Impress, Up Almost 18 Percent in Fourth Quarter

Total VA volume for the entire year was $112.0 billion in purchase and refinance loans.


March 27, 2015 - Inside MBS & ABS

HARP Continued Winding Down in Late 2014 as FHFA Officials Weigh Extending It Another Year

The refinance program for performing, underwater Fannie Mae and Freddie Mac mortgages staggered to a five-year low during 2014, but government officials are thinking about keeping it on life support for another year. The Home Affordable Refinance Program is slated to expire at the end of 2015. Although the Federal Housing Finance Agency has barnstormed around the country trying to drum up business, activity in the program has fallen steadily since ... [Includes two data charts]


March 26, 2015 - IMFnews

Home-Equity Lending Has Its Best Year Since 2009

The headline might sound promising, but keep in mind that during the housing boom of 2003 to 2007, the industry averaged nearly $340 billion a year in home-equity originations.


March 25, 2015 - IMFnews

Agency MBS Does Its Part: Small but Steady Growth

Fannie Mae is still the most prolific author of single-family MBS, accounting for 46.6 percent of agency MBS outstanding at Dec. 31.


March 23, 2015 - IMFnews

Depositories Hike Mortgage Holdings; More Keeping GSE Eligible Loans

Urban Institute's Karan Kaul noted that some banks have opted to keep mortgages that are eligible for sale to the GSEs.


March 20, 2015 - Inside FHA/VA Lending

Issuers Slow to Sign Up for IOPP; Ginnie Warns on Custodial Funds

Issuer registration for Ginnie Mae’s Issuer Performance Scorecard has been somewhat slower than expected, according to agency officials. The reason is unclear but only about 70 issuers so far have registered for Ginnie’s Issuer Operational Performance Profile (IOPP) tool since its launch on Feb. 17, 2015. Officials said they need to sign two-thirds more to get the IOPP system up to full speed. In a recent outreach call, officials urged those issuers who have not yet registered to contact their security officers for authority to access the Ginnie Mae Enterprise Portal (GMEP), the gateway to the IOPP system. Issuers must first be enrolled in GMEP before their security officer can grant them authority to access the IOPP system. The IOPP, also known as the Issuer Performance Scorecard, will rate each issuer’s operational performance and default management and compare them to ...


March 20, 2015 - Inside FHA/VA Lending

Large Coastal States Account for Bulk of FHA/VA Securitizations

Security issuances backed by FHA and VA loans totaled $267.6 billion in 2014, with several large states accounting for a significant share of FHA/VA originations. An estimated $158.1 billion of FHA-insured loans, including modified loans, were securitized last year, with purchase home loans comprising most of the transactions. Approximately $30.0 billion of FHA refinance loans were securitized as well. The FHA MBS had an average loan-to-value ratio of 92.3 percent and a debt-to-income ratio of 40.1 percent. The average FICO score was 672.3, which was indicative of first-time homebuyers and borrowers with slightly tainted credit. First-ranked California, Texas (#2) and Florida (#3) combined for a total of $48.0 billion, which represented 30.3 percent of FHA loans in Ginnie Mae mortgage-backed securities in 2014. Fourth-ranked New York reported a total of $6.7 billion while ... [ 2 charts]


March 20, 2015 - IMFnews

For the First Time Since the Financial Crisis, Mortgage Debt Rises for Two Consecutive Quarters

The mortgage servicing market grew for 226 consecutive quarters from March 1951 (when the Fed started quarterly calculations) to the first quarter of 2008, when it peaked at $11.321 trillion.


March 18, 2015 - IMFnews

The Beginning of a Trend? Banks Finally Beef Up MSR Holdings (Slightly)

With JPMorgan Chase slated to buy $45 billion worth of Fannie Mae rights from nonbank Ocwen Financial the shift in MSRs over to banks likely will continue...


March 17, 2015 - IMFnews

CoreLogic: Negative Home Equity on the Rise Again, but Only Sequentially

Nevada was the leader in underwater homes with 24.2 percent of mortgaged properties in a negative equity position.


March 17, 2015 - IMFnews

GSE Market Share Hits Post-Conservatorship Low in 4Q

For all of last year, Fannie and Freddie securitization of newly-originated loans accounted for just 65.7 percent of MBS issuance, primarily because declining refi volume...


March 16, 2015 - IMFnews

Poised for a Revival: Wholesale-Broker Lending?

United Wholesale's Mat Ishbia said 20 percent of purchase mortgages are originated by brokers.


March 16, 2015 - IMFnews

The Unhappy Return of GSE Buybacks: A 31 Percent Increase

Despite the sequential jump in buybacks, the fourth quarter total was the second-lowest repurchase amount disclosed by the two...


March 13, 2015 - Inside The GSEs

Flood of Seasoned Loans Boosts Freddie MBS Issuance in February

Freddie Mac saw an unusual jump in mortgage-backed securities issuance in February thanks to a huge delivery of seasoned loans from Bank of America. Freddie single-family MBS production rose 30.8 percent from January’s level to $29.91 billion, according to a new Inside The GSEs analysis of loan-level data. It was the highest monthly issuance level for Freddie since August 2013. [Includes one chart.]


March 13, 2015 - Inside The GSEs

GSE Market Share Hits Post-Conservatorship Low in 4Q14

For the first time since the GSEs were put in government conservatorship over six years ago, the flow of new mortgages sold to Fannie Mae and Freddie Mac accounted for less than half of primary-market production. [Includes one chart.]


March 13, 2015 - IMFnews

$198 Billion of Agency MBS Issued in 2014 Had DTIs North of 43 Percent. The Patch?

The catch was that the so-called GSE "patch" would only last as long as Fannie and Freddie remained in conservatorship...


March 13, 2015 - IMFnews

ABS Holdings by Depositories Fall to Lowest Level Since Mid-2012

The biggest component in the aggregate portfolio was consumer ABS, which includes student loans, securitized leases and consumer debt other than credit cards, home-equity loans and auto finance...


March 12, 2015 - IMFnews

Jumbo Market Share Highest Since 2000; Of Course, Volumes are Down

The last time the jumbo market share was higher came in 2000 – when the Fannie/Freddie loan limit was just $252,700...


March 12, 2015 - IMFnews

Realtors Recommend Specific Mortgage Providers for 55 Percent of Their Deals

When Realtors recommend a lender, homebuyers use one of the anointed originators 68 percent of the time.


March 11, 2015 - IMFnews

FHA Lending Down Slightly in January; Quicken Out-Funds Wells Again

Universal American Mortgage posted the highest FHA growth rate at 161 percent...


March 10, 2015 - IMFnews

Non-Agency MBS Outstanding Increased in February. What?

The increase was a rare occurrence: Since 2009 the balance of non-agency debt outstanding has been on the wane.


March 9, 2015 - IMFnews

Mortgage Employment Basically Flat Early in the Year; Servicing Layoffs Ahead?

Mortgage companies that fall under the heading “real estate credit” actually cut 300 employees during the month, leaving the sector with 211,700 full-timers.


March 9, 2015 - IMFnews

HECM Lending Spiked in 4Q, but Down for the Year

Reverse volume leader American Advisors Group funded $2.0 billion in 2014, giving it a market share of 14.7 percent.


March 9, 2015 - IMFnews

Originations of Interest-Only Loans Held Steady in Fourth Quarter, Sort Of

For the full year, PHH Mortgage was the top IO lender in the nation with $12.81 billion in production...


March 6, 2015 - Inside FHA/VA Lending

MIP Cut Could Delay Buildup of MMI Reserves

The FHA’s recent decision to reduce its annual mortgage insurance premium by 50 basis points pushes back the agency’s timeline for attaining the 2 percent capital reserve requirement by 2016 and limits private mortgage insurance companies’ ability to serve borrowers with higher loan-to-value ratios, warned MI industry representatives. Testifying before the House Financial Services Subcommittee on Housing and Insurance, Clifford Rossi, chief economist of Radian Group, said the FHA sought to justify the premium cut by saying it far exceeded the amounts necessary to cover new FHA-insured mortgages. “But this ignores the higher expected losses on earlier insured loans,” he said. Comparing lifetime premiums on current borrowers to their projected average lifetime losses is not a meaningful comparison for an insurance portfolio comprised of borrower risk profiles over book years subject to different economic scenarios, Rossi argued. Moreover, comparing premiums to average losses overlooks ...


March 6, 2015 - Inside FHA/VA Lending

GNMA to Restate Financial Statements

Ginnie Mae will restate its FY 2014 and FY 2013 financial statements after federal auditors withheld their opinion for lack of sufficient information because of accounting anomalies and poor servicing oversight. An audit report issued by the Department of Housing and Urban Development Inspector General said the issues in the FY 2014 financial statement arose from servicing problems associated with a defaulted issuer’s portfolio, which Ginnie Mae is currently managing. The portfolio once belonged to the now-defunct Taylor, Bean & Whitaker, a Florida-based loan originator and a top Ginnie Mae issuer.The FHA suspended TBW in August 2009 due to its failure to submit a mandatory annual report and to disclose certain transactions that suggested fraud. Soon after, Ginnie Mae terminated TBW as an issuer/servicer and seized the company’s $25 billion Ginnie MBS portfolio. According to the IG report, ...


March 6, 2015 - IMFnews

What We’re Hearing: Who Needs Capital? Not Fannie and Freddie / Oh, and Financial Armageddon / Time to Test the CSP? / PennyMac's No Downpayment Mortgage / OGI Rolls Out Piggyback Loans / More Layoffs at Wingspan

If Fannie and/or Freddie have a negative net worth, investors wouldn’t buy their MBS and if investors don’t buy their MBS we would have financial Armageddon…


Poll

The Supreme Court recently decided that mortgage loan officers are entitled to overtime pay. How has this affected your shop?

It's a very big deal, but our company will limit OT pay or pay very little.
It’s sort of a big deal, but we have no plans to pay overtime pay at all.
We have no problem paying our LOs OT.
We’re still studying the case and have not yet decided what to do.

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