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May 18, 2012 - Inside Mortgage Trends
Buyback Activity Slowed Sharply in 1Q12, But Massive Overhang Remains
Mortgage buybacks may have declined significantly during the first quarter of 2012, but a new Inside Mortgage Trends analysis shows that the volume of unresolved repurchase demands continued to set new record highs. Bank call-report data show that financial institutions reported a total of $4.12 billion in mortgage repurchases and indemnifications during the first quarter of this year. That was down 23.0 percent from the fourth quarter of 2011 and the lowest quarterly volume since the beginning of last year. It is particularly encouraging since the first-quarter data...(Includes two data charts)
May 18, 2012 - Inside The GSEs
Fannie, Freddie Market Share Rises in 1Q12
Both Fannie Mae and Freddie Mac held onto their ample shares of mortgage-backed securities with something of a bump during the first quarter of 2012, according to a new Inside The GSEs analysis. The GSEs issued a combined $303.9 billion in MBS during the first quarter, a 13.9 percent increase from the fourth quarter of 2011. Compared to the first quarter of last year, Fannie and Freddie saw a 16.4 percent increase in MBS issuance. Between the two companies, Fannie and Freddie registered a plentiful 77.9 percent share of new MBS during the period that ended March 31, 2012, up from 77.1 percent the two companies held during the fourth quarter of 2011 and much farther apart from the 74.8 percent both GSEs held during the first quarter of 2011.
May 18, 2012 - Inside The GSEs
Fannie Profits, Freddie Loses in 1Q12
The two GSEs divulged not so wildly divergent earnings during the first quarter of 2012. Fannie Mae posted its first free-and-clear profit since being drafted into government conservatorship some 3½ years ago while Freddie’s positive net income wasn’t enough to honor its dividend obligation and it was forced to ask taxpayers for further fiscal life-support. One year after it posted a $6.5 billion net loss, Fannie reported $2.7 billion net income during the first quarter, following to a net loss of $2.4 billion in the fourth quarter of 2011. Freddie actually reported net income in the first quarter and the fourth quarter, $577 million and $619 million respectively, but not enough to repay $1.8 billion in preferred stock dividends for the first three months of 2012.
May 18, 2012 - Inside MBS & ABS
Banks Continue Stocking Up on MBS, Largest Institutions Account for Most of the Increase
Banks and thrifts added some $67.2 billion in residential MBS to their investment portfolios during the first quarter of 2012, according to a new Inside MBS & ABS ranking and analysis. The increase amounted to a 4.3 percent gain from bank and thrift MBS holdings at the end of 2011, and raised the industry’s total investment to a record $1.634 trillion. It marked the first time since 2004 that banks and thrifts owned more than a quarter of the MBS market. The biggest increase was in holdings of agency pass-through securities, which rose 6.2 percent from the fourth quarter to $974.4...(Includes two data charts)
May 17, 2012 - Inside Mortgage Finance
Mortgage Delinquency Rates Decline in Nearly All Categories, Foreclosure Inventory Little Changed
Mortgage servicers reported significant improvement in loan delinquency rates during the first quarter of 2012, although the inventory of foreclosed units remained at historically high levels. The overall delinquency rate dropped 100.3 basis points to 9.88 percent as of the end of March, according to the Inside Mortgage Finance Large Servicer Delinquency Index. That was the lowest level for the series in three years, and all 18 lenders included in the index reported lower delinquency rates than they had at the end of 2011. The biggest declines were in...(Includes two data charts)
May 17, 2012 - Inside Mortgage Finance
Flurry of Deals Scrambles Top Servicer Ranking In Early 2012, Nationstar to be Fourth Largest
While many of the largest mortgage lenders in the industry continue to scale back their operations in a somewhat precarious operating environment, a few companies see opportunity in the reshuffling and are hitting the gas pedal. None more than Nationstar Mortgage. Fresh off an initial public offering, the company has been on a buying spree for mortgage servicing and production capacity. Although Nationstar ranked as the 11th largest servicer in the market at the end of March, pending acquisitions would push it all the way to fourth place on a pro forma basis, according to a new...(Includes one data chart)
May 11, 2012 - Inside MBS & ABS
GSEs Continue Shedding MBS Under Plan To Shrink Retained Mortgage Investments
The retained mortgage investment portfolios of Fannie Mae and Freddie Mac have been reliable generators of net income over the past few years, but the government-sponsored enterprises continue to shrink the profit centers under the terms of their federal bailout. Fannie and Freddie held a combined $1.310 trillion in mortgage-related investments at the end of the first quarter of 2012, down 3.8 percent from the previous quarter. The GSEs’ combined portfolios were down 9.6 percent from the same period in 2011; their agreements with the Treasury Department call for annual...(Includes one data chart)
May 4, 2012 - Inside The GSEs
FHLBank Earnings Jump in First Quarter
The Federal Home Loan Bank Office of Finance announced this week that preliminary combined net income for the FHLBanks jumped 42.3 percent to $733 million in the first quarter of 2012, up from $515 million from the end of the fourth quarter and a whopping 104.7 percent increase from the same period last year. The FHLBank system’s $375 million year-over-year income increase was driven by lower other-than-temporary impairment charges, higher net gains on derivatives, hedged items and financial instruments carried at fair value, and lower assessments, partially offset by lower net interest income, said the Office of Finance.
May 3, 2012 - Inside Mortgage Finance
Mortgage Originations Slow Modestly in Rapidly Changing Market of Early 2012
Mortgage lenders large, small and in-between jockeyed for position against a backdrop of slowing new home loan originations during the first quarter of 2012. A new Inside Mortgage Finance market analysis and ranking found that an estimated $385.0 billion in new single-family mortgages were originated during the first three months of the year. That was down 3.8 percent from the fourth quarter. The two most striking trends were that 10 of the top 25 lenders posted increased production volume while the others reported declines – some of which were substantial – and nearly all top...(Includes two data charts)
April 26, 2012 - Inside Mortgage Finance
Credit Unions Continued to Build Mortgage Market Share in 2011, Riding Relationships and Good Image
Credit unions continue to nibble at the edges of a mortgage business dominated by large banks and finely tuned mortgage banking operations, but credit unions’ share of the market climbed to a record 7.36 percent in 2011, according to a new analysis and ranking by Inside Mortgage Finance. While most of the industry has fled to the highest ground in underwriting standards, credit unions have been more flexible lenders willing to hold mortgages on their balance sheets and originate loans that don’t conform to the secondary market. “Credit unions sell about 45 percent of...(Includes two data charts)
April 20, 2012 - Inside Mortgage Trends
GSE Business Profile of Top Mortgage Sellers in 1Q12
One data chart with the top 50 mortgage sellers to the GSEs in 1Q12.
April 20, 2012 - Inside Mortgage Trends
Mortgage Sales Rose Sharply in Late 2011
Mortgage banking operations owned by commercial banks posted a significant increase in loan sales during the fourth quarter, helping to push earnings higher. Bank mortgage banking units sold a total of $299.0 billion of single-family mortgages during the fourth quarter, up 20.2 percent from the previous three-month period. It was the industry’s second quarterly increase in sales volume after sinking to just $227.0 billion during the second quarter of last year. For the full year, mortgage sales came in 14.4 percent below the level reported during 2010, and the banking...(Includes one data chart)
April 20, 2012 - Inside The GSEs
GSE MBS Business Surges in 1Q 2012 Due to Refi
MBS Business Surges in 1Q 2012 Due to Refi GSE single-family securitizations leapt 16.2 percent during the first three months of 2012 compared to the previous quarter as mortgage lenders delivered some $303.9 billion in home loans to Fannie Mae and Freddie Mac’s securitization programs, according to an Inside The GSEs analysis. The first quarter’s flood of new business marked the fourth straight quarterly increase in production of GSE mortgage-backed securities after the market tanked in the second quarter of 2011.
April 19, 2012 - Inside Mortgage Finance
VA Loan Guaranty Program Posts Second Consecutive Record Quarter in Early 2012
Mortgage lenders closed a record $28.31 billion in mortgages with Veterans Administration home loan guaranties during the first quarter of 2012, breaking the previous all-time high set in the fourth quarter of last year. VA lending has been going gangbusters over the past few years as FHA’s market share has gradually declined. In 2011, the VA program provided more new primary mortgage insurance coverage than the private MI industry for the first time ever since the birth of the private MI business. In 2011, the VA accounted for 22.0 percent of the primary MI market, and 26.0 percent in the...(Includes one data chart)
April 12, 2012 - Inside MBS & ABS
Agency REMIC Production Up Slightly in 1Q12, Goldman Sachs Tops in Underwriting
New issuance of real estate mortgage investment conduits backed by agency MBS rose 6.8 percent from the fourth quarter of 2011 to the first three months of this year, about half the rate of increase in underlying MBS production, according to an Inside MBS & ABS ranking. Fannie Mae got the early lead with $33.5 billion in new REMIC production, a gain of 8.4 percent from the fourth quarter. Freddie Mac ranked second, but its REMIC volume was down 1.5 percent from the previous period and off 50.7 percent from year-ago levels. Ginnie Mae posted a significant 18.1 percent...(Includes one data chart)
April 12, 2012 - Inside MBS & ABS
Agency MBS Issuance Increased in Early 2012, But March Production Not As Much As Expected
Fannie Mae, Freddie Mac and Ginnie Mae produced a solid $384.9 billion of new single-family MBS during the first quarter of 2012, including a surge in new issuance in March. But industry analysts said they had been bracing for more. Combined, the three agencies saw new single-family MBS production rise 14.0 percent from the fourth quarter of last year. Issuance in the opening round of 2012 was 12.9 percent ahead of the volume produced in the same period last year. It was the strongest quarter for new agency MBS since the end of 2010. Fannie dominated the agency market, accounting...(Includes one data chart)
April 12, 2012 - Inside Mortgage Finance
Although Bank of America famously shut down its huge correspondent program last year, joining a trend already under way, only two thirds of home mortgages originated in 2011 were manufactured through “direct” channels by retail programs and mortgage brokers. Wells Fargo topped the ranking of direct mortgage originators with $209.8 billion in volume in 2011. That represented 15.5 percent of the industry’s total mortgage originations, significantly lower than the company’s 26.8 percent market share when correspondent production is included. Bank of America’s direct originations...(Includes two data charts)
April 12, 2012 - Inside Mortgage Finance
HARP Activity Gains Speed in Early 2012 as Program Accounts for Growing Share of Refi
The Home Affordable Refinance Program for underwater Fannie Mae and Freddie Mac mortgages has accelerated sharply in the first quarter of 2012, according to a new analysis and ranking by Inside Mortgage Finance. Based on loan-level data on mortgage-backed securities issued by the two government-sponsored enterprises during the first quarter, HARP activity surged to a record 180,572 loans in the first three months of the year. That was up 93.8 percent from the fourth quarter of 2011, and it featured a huge 56.3 percent jump in activity from February to March. Total HARP activity...(Includes one data chart)
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- Ocwen Officials Surprised by Nationstar Bids
- Flurry of Deals Scrambles Top Servicer Ranking In Early 2012, Nationstar to be Fourth Largest
- CFPB Taking on Origination Points and Fees
- Mortgage Originations Slow Modestly in Rapidly Changing Market of Early 2012
- Freddie Hires a New Chief Executive Officer and Other Things Affecting the GSEs
