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February 27, 2015 - Inside The GSEs

HARP Volume Continued To Taper Off in 2014

The flow of refinance mortgages to Fannie Mae and Freddie Mac increased during the fourth quarter, but the two GSEs continued to see declining volume in the Home Affordable Refinance Program. According to figures from the Federal Housing Finance Agency, Fannie and Freddie securitized 432,376 refinance mortgages in the fourth quarter, up 11.1 percent from the previous period. Fannie had the bigger gain, 16.2 percent. But total HARP activity fell 15.3 percent from the third quarter, and for the year it was down 75.9 percent from 2013 levels. The biggest slowdown in HARP were mortgages with loan-to-value ratios exceeding 105 percent. Both GSEs are doing more non-HARP streamlined refi business than in the program set up in 2009 for underwater ... [with two exclusive charts] ...

February 27, 2015 - Inside The GSEs

FHLBank Earnings Fade in 2014, But Advance Business Growing

The 12 Federal Home Loan Banks saw modest gains in net interest income in 2014, but other factors led to declines in total income, according to preliminary data released by the Office of Finance. The FHLBanks earned a combined $2.246 billion in net income last year, down 11.0 percent from 2013. Their fourth-quarter income, $550 million, was down 12.3 percent from the previous quarter. Results varied significantly among the FHLBanks, however. Chicago was the most profitable, reporting $392 million in net income for the year, up 14.3 percent from 2013. New York had $315 million in net income in 2014, up 3.3 percent from the previous year. The two steepest declines were at Indianapolis and Dallas, both of which saw [with one exclusive chart] ...

February 27, 2015 - Inside The GSEs

New GSE Earnings Raise the Specter of a Possible Loss

Fannie Mae and Freddie Mac reported somewhat underwhelming results for the fourth quarter, thanks to huge hits they took from hedging losses tied to their holdings of derivatives. The reduced earnings highlighted the fact that although the two have been cash cows for the U.S. Treasury over the past two years, they aren’t bullet proof. During separate press briefings with the media, the CEOs of both firms spent a bit of time going over the hits they took on their derivatives, stressing that the interest rate swaps they use to hedge rate swings are essential and cut both ways. The message was clear: if mortgage rates had not fallen dramatically in December, their earnings would have been ... [with one exclusive chart] ...

February 27, 2015 - IMFnews

What We’re Hearing: The Return of the Megabanks (in Mortgages)? / Nationstar Smelling Like a Rose (In Comparison)? / Why Quicken and Freedom May Never Go Public / CMG Mortgage Expects Strong Production Growth

After seeing what’s transpired at Nationstar, Owen and Walter the pass year, would Dan Gilbert (who owns Quicken Loans) and Stan Middleman (Freedom’s owner) ever ponder going public?...

February 27, 2015 - IMFnews

Commercial Banks, Thrifts Add to MBS Portfolios in Late 2014

At Dec. 31, depositories held $964.2 billion of pass-through securities issued by Fannie Mae, Freddie Mac and Ginnie Mae, a gain of 1.3 percent from the third quarter.

February 26, 2015 - IMFnews

Mortgage Brokers Stage Mini-Comeback in Market Share

However, the broker channel generated $117 billion of new originations, the lowest reading since 1995.

February 26, 2015 - IMFnews

Nationstar’s Profit Drops 82 Percent, Originations Fall; However, $35B of MSR Deals Revealed

The fourth quarter was Nationstar’s worst production quarter of the year.

February 25, 2015 - IMFnews

Short Takes: $558 Billion in Delinquent Mortgages / Subprime Looking Up / How Much Will Ocwen Cut in India? / PHH’s Retail Perceptions / Dealing with the CFPB

One of the biggest knocks on PHH Mortgage is that it has little in the way of traditional retail, relying instead on private label partners like Merrill Lynch.

February 25, 2015 - IMFnews

Ginnie Servicing Rights Top $1.5 Trillion but Growth Slows

PennyMac Loan Services, the only nonbank to rank among the top five, had one of the strongest growth rates with 56.7 percent.

February 23, 2015 - IMFnews

Jumbo Market Share Best Since 2002; Wells Dominant Once Again

Wells Fargo remained the most dominant lender in the sector with $42.28 billion of jumbo originations in 2014, down 2.5 percent from the year before.

February 20, 2015 - IMFnews

On the Rise Again: Residential Foreclosures; Say Hello to ‘Foreclosure Spring’

“Due to our ponderous judicial system, most of the options have been exhausted, and the judges are now expediting the [foreclosure] process,” said Mike Pappas, president and CEO of the Keyes Company.

February 20, 2015 - IMFnews

Securitization Rate Hits Post-Crash Low as Banks Continue to Covet Whole Loans

Almost 71 percent of residential loans originated last year were funneled into mortgage securities. In 2013 the securitization rate was 78.5 percent.

February 19, 2015 - IMFnews

Freddie Posts Meager Earnings of Just $227 Million, but Says Not to Worry, It’s All About Derivative Accounting

After Freddie Mac makes its next dividend payment in March to the U.S. Treasury, the GSE will have returned $91.8 billion to the government versus financial assistance draws of $72.3 billion.

February 18, 2015 - IMFnews

Applications Drop by Double Digits; Suddenly, Some Nervousness on Rates

Warehouse lending executives interviewed by IMFnews the past week are reporting healthy usage rates from their nonbank clients...

February 18, 2015 - IMFnews

GSE MBS Issuance Down in January as Refis Sputtered

Freddie Mac actually increased its monthly volume by 7.3 percent from December levels, but Fannie Mae’s production fell 15.6 percent.

February 17, 2015 - IMFnews

A $1.3 Trillion Year for Originations?

Compass Point hiked its purchase money estimate to $819 billion from $787 billion.

February 17, 2015 - IMFnews

Freedom Mortgage Close to Meeting Hiring Goal; May Hire Even More

Among originators, Freedom Mortgage ranks 10th. In 2014 it funded $23.63 billion, a 48 percent gain from the year prior.

February 17, 2015 - IMFnews

Highest Cash-Out Refi Share Since ’09 but Dollar Volume Drops

From 2005 to 2007 homeowners converted an estimated $823 billion of home equity into swimming pools, cars, hospital bills and other uses. Of course, those days are long gone.

February 17, 2015 - IMFnews

Correspondent Share of Agency MBS Reached 35 Percent in 2014

Broker-originated purchase mortgages pushed the envelope a little further, with an average credit score of 719.1 and an average DTI of 37.7.

February 13, 2015 - Inside The GSEs

GSE MBS Issuance Down in January as Refi Sputtered

Fannie Mae and Freddie Mac issued $57.72 billion of single-family mortgage-backed securities in January, a 7.8 percent decline from the previous month, according to a new Inside The GSEs ranking and analysis. Freddie actually increased its monthly volume by 7.3 percent from December levels, but Fannie production fell 15.6 percent. It’s not unusual for GSE monthly trends to fluctuate; Fannie’s MBS issuance was up sharply in December. Freddie’s production was buoyed slightly by some $199.3 million of modified mortgages that were securitized last month. And it’s not surprising that the flow of purchase mortgages into GSE securities fell 14.4 percent in January, as the housing market hit a seasonal cooling. However, refinance activity was also [includes exclusive charts] ...

February 13, 2015 - IMFnews

Standard & Poor’s Ranks First in Non-Agency MBS

DBRS, which reports its ratings on re-securitizations, actually was involved in more transactions than S&P and ranked second in dollar volume with $6.47 billion.

February 12, 2015 - IMFnews

Radian DTA Recapture of $815MM Boosts 4Q Earnings; MI Written Drops

Radian disclosed that its mortgage insurance division wrote $10.0 billion of new policies during 4Q, an 11 percent sequential decline.

February 12, 2015 - IMFnews

Home-Equity Lending Has its Best Year Since 2009

The jumbo market ended 2014 with $235 billion in originations, a 14 percent decline from the prior year.

February 10, 2015 - IMFnews

FHA Lending Took It On the Chin in 2014

Among all lenders, Quicken Loans led the pack with $6.67 billion of production, a 27 percent drop from the prior year.

February 9, 2015 - IMFnews

Short Takes: Pingora Weighs in on FHFA Servicer Eligibility Standards / Low Delinquencies for Pingora / RCS Hits $14B Mark on MSR Asset / Caution on Stonegate / Premier Coming Off a Good Year

Some factions of the industry have expressed a concern about the “liquidity language” in the FHFA proposal, but that’s not a concern for Pingora's Lau.

February 9, 2015 - IMFnews

Mortgage Employment Almost Flat; One Issue: Hiring LOs With Heavy Pipelines

Another manager noted that, “It’s been very intense recruiting in the markets that have shown the most growth: Texas, California, Florida and the DC [Washington] area.”

February 9, 2015 - IMFnews

First Republic Top Jumbo MBS Contributor – By Far

Some $2.67 billion of jumbo MBS contributions in 2014 were from unidentified lenders, accounting for 27.1 percent of total issuance.

February 6, 2015 - Inside FHA Lending

FHA Originations Significantly Down in 2014, Refis Up

Overall, 2014 was not a good year for FHA originations as tight underwriting and high loan costs narrowed the band of borrowers able to qualify for an FHA-insured residential loan, according to an Inside FHA Lending analysis of agency data. FHA total endorsements dropped to $35.2 billion, an 8.1 percent drop in the fourth quarter from the previous quarter, with fixed-rate and adjustable-rate mortgages declining by 7.9 percent and 12.7 percent, respectively. FHA purchase originations suffered a decline of 11.3 percent. There was one bright spot: FHA refinances rose a meager 2.2 percent while the percentage of conventional loans that refinanced into FHA saw a more substantial lift of 13.0 percent quarter to quarter. FHA baseline lending (below $417,000) saw volume drop 8.4 percent in the fourth quarter. FHA jumbo loan amounts up to the statutory high-cost loan limit and ... [ 2 charts ]

February 6, 2015 - IMFnews

Agency MBS Issuance Softened in January as Purchase Market Slowed

Fannie, Freddie and Ginnie produced $85.18 billion of new single-family MBS during the month of January.

February 5, 2015 - IMFnews

Nonbanks Continue to Steal Servicing Market Share Away From Depositories

Among the top 10 residential servicers, just three firms managed to grow their receivables from the third to fourth quarter: Quicken, Walter and U.S. Bank Home.

February 3, 2015 - IMFnews

CMBS Issuance Falls Just Short of Post-Crash High Thanks to 4Q Stumble

Roughly $164.77 billion of securities backed by commercial mortgages were issued last year, down just 0.6 percent from 2013, which was a banner year.

February 2, 2015 - IMFnews

Regional Banks See Mortgage Income Take a Dive

For the year, the 20 banks earned $3.090 billion from mortgage banking, down 30.5 percent from their income in 2013.

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.


With the recent dip in interest rates, how do you feel about loan volumes this year?

We see loan production ending 2015 flat compared to 2014.
We’re optimistic that our originations will rise by 10 to 20 percent year over year.
We’re really optimistic: We expect production to increase by 20 percent or better from last year.
We’re not so bullish. Originations for us may actually fall.

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