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October 31, 2014 - Inside Mortgage Trends

Credit Boxes Changing Very Little

Top mortgage sellers to Fannie Mae and Freddie Mac appear to be focusing even more on lower-risk mortgages, according to a new Inside Mortgage Trends analysis of loan-level mortgage-backed securities data. Some 62.9 percent of loans delivered in the third quarter had credit scores of 740 or above, up from 61.9 percent in the second quarter and 60.5 percent in the first three months of the year. The data exclude mortgages with loan-to-value ratios exceeding ... [Includes one data chart]


October 31, 2014 - Inside The GSEs

OCC: Freddie Re-Default Mods Perform Ahead of Fannie in 2Q14

Modified Freddie Mac mortgages performed better than Fannie Mae loans more than two years after modification as the performance gap between the two GSE closed slowly, according to the Office of the Comptroller of the Currency. The OCC’s latest Mortgage Metrics Report noted that Freddie loans had a 15.5 percent re-default rate six months after modification, while Fannie mods saw a 16.2 percent rate. At the 12-month mark, Freddie stood at 21.9 percent compared to Fannie’s 23.2 percent.


October 31, 2014 - IMFnews

What We’re Hearing: 40 Percent of Lenders May Disappear Via M&A? / Less Competition? / They’ll be Back / Benjamin Lawsky, a Nice Guy, Really / Provident Exiting Certain States?

One veteran mortgage trade group official, a staunch Republican no less, told us that Lawsky is an “honest and bright guy,” adding that he understands the issues.


October 31, 2014 - IMFnews

Commercial MBS Market on Fire: Deal Volume Jumps 38 Percent

Non-agency issuers produced $32.16 billion of new commercial MBS, a 40 percent increase from the second quarter.


October 30, 2014 - IMFnews

Citadel’s Monthly Production of ‘Subprime’ Loans at $20 Million; $400 Million Next Year?

In three-plus years of originating subprime mortgages, Citadel has suffered two foreclosures and a handful of delinquencies, but no losses.


October 30, 2014 - IMFnews

It’s Official: Residential Production Up Again in 3Q14 to $335 Billion

Wells Fargo's origination market share keeps dropping, but is still more than double that of its closest competitor, JPMorgan Chase.


October 28, 2014 - IMFnews

What’s Going On? Consumers Are Complaining a Lot Less About Mortgages

Total mortgage complaints have been trending downward since they peaked at 15,239 in the first quarter of 2013.


October 28, 2014 - IMFnews

MBS Investments by Credit Unions on the Wane

With certain exceptions, credit unions invest almost exclusively in agency product, avoiding jumbo securities.


October 27, 2014 - IMFnews

California Continues to Dominate the Jumbo Market – By Far

Jumbo lending increased 14.2 percent in 2013 compared with the previous year. California posted a growth rate slightly above that level...


October 24, 2014 - Inside FHA Lending

State FHA Originations Up, Golden State Leads

Total originations of FHA forward and home-equity conversion mortgages across the U.S. and in the territories increased from the first to the second quarter, with California accounting for the lion’s share of all FHA loans produced by state. Production of FHA-insured forwards, including jumbo loans, and HECM loans during the first half of 2014 totaled $68.3 billion, a whopping 49.0 percent drop from volume reported over the same period last year. On the other hand, total originations in the 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands rose 11.5 percent quarter-over-quarter. Originations totaled $36.1 billion in the second quarter. Forward mortgages accounted for $61.1 billion of new FHA-insured loans originated during the first six months while HECMs comprised $7.2 billion of loans produced over ... [ 1 Chart ]


October 24, 2014 - Inside FHA Lending

FHA Notifying Lenders of Possible MRB Action

The FHA warned it would soon be sending notices to lenders who are overdue in completing their annual recertification packages, a rule violation that could land them before the Mortgagee Review Board for disciplinary action. Lenders who were unable to submit their recertification packages containing the required financial reports, annual recertification statements and the renewal fee payment will be receiving notices of deficiency from the FHA. FHA extended the filing deadline to June 27, 30 days after the deployment of the new Lender Electronic Assessment Portal (LEAP) system used in the lender recertification process. Traditionally, lenders were required to access both FHA Connection and Lender Assessment Sub-System (LASS) to complete the annual recertification process. LEAP will now enable lenders to complete all ...


October 24, 2014 - Inside FHA Lending

VA, Rural Housing Guarantees Surge in 2014

While the FHA’s share of the primary insurance market has dropped significantly since premiums were hiked in early 2013, the VA program and the rural housing loan program run by the Department of Agriculture are going strong, according to agency officials. During a panel discussion at the Mortgage Bankers Association annual convention this week, VA and Rural Development executives said that both agencies have been quietly building mortgage market share. Jeffrey London, deputy director of the VA’s loan guaranty service, reported that purchase-mortgage VA loan originations were up 11 percent in fiscal 2014, with 40 percent of the business being first-time homebuyers. Of that group, 80 percent took no-downpayment VA loans, the biggest selling point in the program, along with its relatively low costs. In earlier remarks, Housing and Urban Development Secretary Julian Castro revealed that ...


October 24, 2014 - Inside FHA Lending

GNMA Raises Net Worth, Liquidity Tests

Ginnie Mae this week provided new details to the long-anticipated plan for increased issuer net worth and liquidity and a new performance scoring method for issuer activity – changes that could adversely affect small issuers and portfolio servicers. In remarks at the Mortgage Bankers Association’s annual convention in Las Vegas, Ginnie Mae President Ted Tozer said the changes are part of a larger effort to ensure the continuing flexibility and availability of the agency’s mortgage-backed securities program to as many entities as possible. New types of issuers and counterparties have entered the agency-backed MBS market in the wake of the financial crisis, which called for adjustments and tailored approaches to the evolving housing finance market, Tozer noted. Tozer said both policy changes and staff expertise will ensure the success of ...


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...


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.

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