Market Data

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

December 19, 2014 - Inside FHA Lending

MBA Boycotts FHA Panel Talk for Being too Biased

The Mortgage Bankers Association this week declined to participate in a panel discussion on FHA hosted by the American Enterprise Institute because the trade group did not believe the discussion would be balanced and though it would favor only a certain point of view. The topic was “FHA from 1934 to 1938: Lessons for Wealth Building,” with Ed Pinto, a resident fellow at AEI, and Dave Stevens, MBA president, as presenters. Stevens, however, decided to pull out of the event when he saw the format. In a letter to the AEI organizers, Stevens said he agreed to be a presenter thinking the debate “would be a balanced approach.” “When I first agreed to do this, I did not expect that the format would be 45 minutes of [Ed Pinto] and then no more than 12 minutes for me to respond,” he wrote. “That’s an extremely lopsided approach that did not appear to be ...


December 19, 2014 - IMFnews

Mortgage Financing Gains as Cash Deals Lose Market Share

Non-cash financing was used on 72.4 percent of home purchases in November, based on a three-month moving average.


December 19, 2014 - IMFnews

In a Stalled MBS Market, Heavy Hitters Increase Their Holdings

On the supply side, there were $5.63 trillion of single-family MBS guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae outstanding at the end of September.


December 18, 2014 - IMFnews

Subservicing Volumes Stay Flat But Loan Care Shines

Loan Care Servicing, an affiliate of Black Knight Financial, subserviced $110.0 billion at Sept. 30, up 47.4 percent from a year ago.


December 18, 2014 - IMFnews

Home-Equity Lending – the Fastest-Growing Segment of the Mortgage Market

Lenders funded an estimated $20 billion of new home-equity lines of credit during the third quarter, a 17.6 percent gain from 2Q, according to IMF.


December 16, 2014 - IMFnews

Short Takes: Can it Get Any Worse for Ocwen? / JPM Makes Progress on Loan Mods / Skyline Will Double its Capital Base / No Love for Russia / #1 in St. Louis?

The subordinated debt deal will double the capital base of Skyline Lending.


December 16, 2014 - IMFnews

A 15 Percent Decline in GSE MBS Issuance for November

More than half of Fannie’s MBS flow in November came from refinance loans, the first time since March that purchase mortgages accounted for less than half of its business.


December 16, 2014 - IMFnews

Finally 3Q Tally for MI Industry: New Premiums Up 9.8 Percent

Based on the upward production trend over the last three quarters, it appears the private MIs are on their way to a strong close at year-end.


December 15, 2014 - IMFnews

Depositories Increased MSR Values in 3Q but Also Shed Product

Bank and thrift MSR holdings peaked at $5.977 trillion back at the end of 2009.


December 15, 2014 - IMFnews

GSE Seller/Servicer Buybacks Hit Post-Crash Low; Banks Over-Reserving?

As of September 30, banks and thrifts held $15.50 billion in repurchase reserves, most of it tied to Fannie/Freddie loans.


December 12, 2014 - Inside The GSEs

Slowdown in Purchase Market Cooled GSE MBS in November

Seasonal trends hit the GSE single-family mortgage-backed securities business in November, with new issuance of single-family MBS tumbling 15.1 percent from October. A new Inside the GSEs analysis of loan-level MBS disclosures reveals that a sharp 22.0 percent drop in securitization of purchase-money mortgages was the major factor in the November decline. Refinance loans delivered to Fannie Mae and Freddie Mac MBS pools were off a milder 6.8 percent from the previous month. In fact, more than half of Fannie’s MBS flow in November came from refinance loans, the first time since March that purchase mortgages accounted for less than half of the GSE’s business. One sign of the increased refinance share of GSE business ... [with two exclusive charts]


December 12, 2014 - IMFnews

Mortgage Securitization Rates Continue to Fall as Banks Keep More Loans in Portfolio

The key factor is that some mortgage originators, the megabanks especially, are keeping conventional loans in portfolio that might otherwise be securitized by Fannie and Freddie.


December 10, 2014 - IMFnews

Nation’s Second-Largest Wholesaler Hopes to Grow Production by 40% in 2015

United Wholesale Mortgage is also one of the largest originators of residential loans with lender-paid mortgage insurance.


December 8, 2014 - IMFnews

NAR: Non-QM Share of Residential Originations Growing

However, NAR found that the willingness to actually originate non-QMs declined significantly across a number of different product types...


December 8, 2014 - IMFnews

Modest Sequential Increase in Jumbo Production for 3Q

However, through the first nine months of 2014, jumbo originations haven’t been able to keep up with the strong pace set last year.


December 5, 2014 - Inside FHA Lending

Around the Industry

Final PMIERS Rule Expected in 1Q15. The Federal Housing Finance Agency has revised its timeline for publishing a final version of the Private Mortgage Insurance Eligibility Requirements, which Fannie Mae and Freddie Mac proposed in July at the direction of the FHFA. The PMIERS will establish capital and other requirements for private mortgage insurers. In a statement, industry trade group U.S. Mortgage Insurers said it has received word from the agency that the final PMIERS would not be published until at least late in the first quarter of 2015. The FHFA initially indicated that a final rule would be issued by yearend 2014. The USMI reiterated its support for an updated PMIERS. Mortgage Executives Concerned About G-Fee Increase. A survey of mortgage executives at this year’s Mortgage Bankers Association annual conference found 53 percent saying that ...


December 5, 2014 - Inside FHA Lending

Use of Fair Value in Foreclosure Sales Required

Unless contravened by another federal or state statute or jurisdiction, FHA lenders must use the agency’s adjusted fair market value (AFMV) for all foreclosure sales and post-foreclosure sales associated with defaulted FHA loans, according to the FHA. The FHA said it issued guidance because more lenders are using FHA procedures regarding claims without conveyance of title. Before applying the AFMV, lenders must ensure that th loan’s FHA insurance is still active and that the loan is not subject to indemnification. Both items may be verified by checking Neighborhood Watch. Working with the borrower, the lender must make sure that all possible applicable home-retention and loss-mitigation options have been considered and explored before moving to an AFMV alternative. In addition, the lender must determine that the borrower’s case does not meet the criteria for a pre-foreclosure sale or deed-in-lieu of foreclosure. Mortgagees may not proceed with any foreclosure sale until ...


December 5, 2014 - Inside FHA Lending

FHA to Share in Landmark BofA Settlement

The FHA and Ginnie Mae will share in the record-setting $16.7 billion settlement between Bank of America, the Department of Justice and certain other federal agencies and six states to resolve claims related to mortgage fraud and toxic mortgage-backed securities. The FHA will receive approximately $800 million and an undisclosed amount for consumer relief from BofA. The bank was accused of falsely certifying poorly underwritten loans for FHA insurance, resulting in huge losses for the agency. It is unclear how much Ginnie Mae’s share would be from the settlement. “As a direct endorser of FHA-insured loans, Bank of America performs a critical role in home lending,” said U.S. Attorney Loretta Lynch for the Eastern District of New York during the announcement of the global settlement in August. “In obtaining a payment of $800 million and sweeping relief for troubled homeowners, we have not ...


December 5, 2014 - Inside FHA Lending

FHA: Loan Limits Same for 2015

The FHA has announced loan limits in 2015 for high- and low-cost areas, virtually unchanged from the loan limits in effect through the end of the year. The new limits will take effect on Jan. 1, 2015. The maximum loan limits in high-cost housing areas will remain the same as the 2014 level of $625,500. The current standard loan limit in lower-cost areas will also remain unchanged at $271,050. The mortgage loan limits for Home Equity Conversion Mortgage loans will continue to have a maximum claim amount of ...


December 5, 2014 - IMFnews

Issuance of Agency MBS Tumbled in November as Purchase Activity Slowed

All three agencies saw double-digit declines in new production, but Fannie Mae experienced the the biggest decline.


December 4, 2014 - IMFnews

Short Takes: Origination Profits Down 6 Percent / Black Knight: Foreclosure Inventory Continues to Head South / Underwater GSE Inventory / Purchase-Money Stand-Outs According to IMF / UWM Names Chief Digital Officer

If you’re looking to buy a foreclosure for a quick “flip,” you might want to act quickly. Inventory is shrinking rapidly...


December 4, 2014 - IMFnews

Richey May: Two-Thirds of Mortgage Firms Added Staff in 3Q14

The fourth quarter of 2014 is turning out to be decent in terms of applications and pipelines.


December 4, 2014 - IMFnews

Refi Originations Came on Surprisingly Strong in 3Q14; Quicken Getting Closer to Wells

The top refi lender through the first nine months of 2014 was Wells Fargo with $38.56 billion, but Quicken wasn’t too far behind at $32.48 billion.


December 3, 2014 - IMFnews

Short Takes: Mortgage Job Outlook for 2015: Go With the Nonbanks / Thanksgiving Gives Mortgage Business Indigestion / Warehouse Execs Flock to Trade Show / Questions Raised on New Warehouse Firm / HUD Finally Gets #2

We’ve heard scattered reports about a new nonbank warehouse provider that is offering extremely cheap financing while asking for large fee payments upfront...


December 3, 2014 - IMFnews

Bank Holdings of Non-Mortgage ABS Spiked Higher in 3Q

The sharp increase in industry holdings was fueled by a massive acquisition of credit card ABS by TD Bank...


December 3, 2014 - IMFnews

Some Nonbanks Post Spectacular Growth in Correspondent Lending

As one West Coast-based mortgage executive told IMFnews: “It can be a very tough space. You need lots of capital."


December 2, 2014 - IMFnews

Fannie/Freddie Guaranty-Fee Disparities: All But Gone?

At the same time, the market share of GSE business has been redistributed toward the smaller lenders.


December 1, 2014 - IMFnews

Fannie, Freddie MBS Volume Down 50 Percent Year-over-Year

On a year-to-date basis, GSE refi securitizations were down 68.6 percent at the end of October.


December 1, 2014 - IMFnews

The Key Factor in 3Q Mortgage Results: Weak Servicing Income

The three biggest servicers in the group – Wells Fargo, JPMorgan Chase and Bank of America – all reported significant declines in servicing income.


November 26, 2014 - Inside The GSEs

FHLBank MBS Investments Drop During Third Quarter 2014

Fannie Mae and Freddie Mac mortgage-backed securities remained the preferred investment choice of the 12 Federal Home Loan Banks during the third quarter of 2014, with a very slight decline from the previous quarter, according to a new analysis and ranking by Inside The GSEs based on data from the Federal Housing Finance Agency. Meanwhile, Ginnie Mae securities posted effectively no movement within the FHLBank system during the three-month period ending Sept. 30, 2014.


November 26, 2014 - Inside The GSEs

Fannie, Freddie MBS Activity Drops Month-to-Month in October

Together, Fannie Mae and Freddie Mac in October posted a combined decline in the volume of single-family mortgages securitized, according to a new Inside The GSEs analysis. Fannie and Freddie issued $63.1 billion in single-family mortgage-backed securities in October, a 1.5 percent decrease from September. On a year-to-date basis, October’s MBS issuance dropped an even steeper 50.6 percent.


November 26, 2014 - Inside Mortgage Trends

Banks Report Drop in Mortgage-Banking Income

Commercial banks and thrifts reported a combined $4.67 billion in mortgage-banking income during the third quarter of 2014, according to a new Inside Mortgage Trends analysis of call-report data. Third-quarter results were down 4.9 percent from the second quarter, which is consistent with the figures reported by publicly held mortgage lenders. Year-to-date mortgage-banking income for the depository institutions was $12.96 billion, down 37.0 percent from the first nine months of last year. Wells Fargo and JPMorgan Chase continued to rank as the top two banks in mortgage-banking income, but both reported declines of more than 25 percent from the second quarter to the third. On a year-to-date basis, the two lenders accounted for 47.3 percent of total mortgage-banking income earned ...


November 26, 2014 - Inside Mortgage Trends

Originations Surge Fueled Income Gains In 3Q14, But Servicing Profits Slumped

A sharp drop in net income from servicing operations during the third quarter was the key factor in a decline in overall mortgage-banking profitability for a group of major lenders, according to a new analysis by Inside Mortgage Trends. The 11 publicly traded companies, which include most of the top originators and servicers in the industry, reported a combined $1.25 billion in net income from servicing, including the gains or losses from hedging their mortgage servicing rights. That was down 43.8 percent from the second quarter and was the lowest net income from servicing for the group since the third quarter of last year. Two of the companies reported increased servicing revenue. At Huntington Bank, net servicing income nearly tripled ...


November 26, 2014 - IMFnews

Subprime Mortgage Servicing Rights Draining Away

Although Bank of America has been dumping MSRs aggressively over the past two years, its subprime servicing portfolio has declined at a gradual pace.


November 25, 2014 - IMFnews

Short Takes: So, Where’s the Housing Bubble? / Altisource Buys Owners.com / A $1 Billion Quarter for FGMC / Delinquencies at Freddie Continue to Fall

What exactly is Owners.com? Launched in 1996, it’s supposedly the largest directory of homes for sale by owners. In other words, they don’t use traditional Realtors…


November 25, 2014 - IMFnews

Correspondent Channel Posted Biggest Origination Gain of the Quarter

Wells Fargo reported a 2.1 percent drop in its correspondent originations from the second quarter to the third, and its year-to-date volume was down 57.3 percent.


November 24, 2014 - IMFnews

FHA Production Strong in 3Q; Quicken #1 Again

The 57 percent reduction in endorsements takes FHA closer to the levels of activity seen before the housing crisis.


November 21, 2014 - Inside FHA Lending

GNMA Eyes Stronger Oversight of Nonbank Issuers

Ginnie Mae is seeking comment on several proposed data collections, including those that would strengthen the agency’s ability to monitor participants in its mortgage-backed securities programs. Due to its growing concern over the influx of non-depository issuers into the single-family MBS program, Ginnie has proposed to collect more loan-level data to supplement the information already being collected and reported on a monthly basis. The proposed data collection consists of bankruptcy-related information (action type, case identifier, chapter type, bar date) as well as borrower-related information (borrower bankruptcy indicator, classification type, total mortgaged properties, counseling initiated indicator and credit score date). Other proposed new data include document custodian ID, type of insurance claim coverage, investor unpaid principal balance (UPB), adjustment to ...


November 21, 2014 - Inside FHA Lending

Congress Urged to Extend Expiring VA Loan Limits

Thousands of military veterans in high-cost areas may be deprived of VA’s home-loan guarantee benefits unless Congress extends the current VA loan limits before the end of the year. Those loan limits expire on Dec. 31, 2014. The VA loan limits are based on median home values estimated by the FHA, providing loans up to 125 percent of local area median price. The program does not set a cap on how much a veteran can borrow to finance a home purchase but it does limit the maximum amount it can guarantee to 25 percent of the current loan limit. Veteran and industry groups are urging Congress to make the VA limits permanent. A VA spokesperson said the agency was not asked for a position on the issue since Congress did not put forward any bill in any of the hearings this year. “But as a general rule, VA wants to maximize the opportunities ...


November 21, 2014 - Inside FHA Lending

HECM Portfolio Down to Negative in FY 2014

The economic value of the FHA’s Home Equity Conversion Mortgage legacy portfolio fell to negative $0.9 billion in fiscal 2014 due mainly to volatility in long-term house prices and interest rates, according to the latest independent actuarial report on the health of the Mutual Mortgage Insurance Fund. The latest result was a significant improvement from FY 2012, when the fund stood at negative $2.8 billion. In fiscal 2013, the HECM portfolio’s economic value of positive $6.5 billion appeared to be a whopping change from the previous year but that amount reflected a $4.6 billion cash infusion from the forward program and from the $1.7 billion mandatory appropriation, the report clarified. The report also showed a corresponding decline in the HECM capital ratio to negative 1.20 percent. Actuarial projections for fiscal 2015 place the HECM portfolio’s economic value at negative $1.1 billion. The fund’s capital resources for ...


November 21, 2014 - Inside Nonconforming Markets

GSEs Unload Some Nonprime MBS Holdings

The nonprime mortgages held by the government-sponsored enterprises continue to run off, though the GSEs have sold some of their holdings of nonprime mortgage-backed securities in the past year, according to industry analysts. Fannie Mae and Freddie Mac held a combined $238.83 billion in nonprime mortgages as of the end of the third quarter of 2014, according to a new analysis by Inside Nonconforming Markets. Purchased/guaranteed mortgages ... [Includes one data chart]


November 21, 2014 - IMFnews

Banks Post Modest Gain in MBS Holdings, Non-Agency Growth Leads

The biggest gain in bank MBS investment during the third quarter was in non-agency securities.


November 20, 2014 - IMFnews

Urban Institute Launches ‘Credit Availability’ Index with Guns Blazing

Still, the new index from the Urban Institute is not perfect...


November 20, 2014 - IMFnews

3Q Product Mix Roundup: Home Equity Loans Had the Strongest Growth

Based on the run-rate of the first nine months, HEL production could top almost $67 billion in 2014, which would be the best year since 2009.


November 18, 2014 - IMFnews

Mortgage Banking Income Softened in 3Q Despite Origination Surge

For the first nine months of 2014, the group reported $10.94 billion in net mortgage-banking income, a stunning 43 percent decline from the same period in 2013


November 17, 2014 - IMFnews

Brokers and Correspondents Key Players in 3Q MBS Surge

Although Wells Fargo officially exited the broker market two years ago, it apparently still does a tiny amount of business through the channel.


November 14, 2014 - Inside The GSEs

GSEs Crank Out Profits in 3Q 2014, Freddie Warns of ‘Volatile’ Earnings

Fannie Mae and Freddie Mac reported a combined $6.0 billion in net income for the third quarter of 2014, up from $5.1 billion in the previous quarter. The two GSEs will send to the Treasury $6.8 billion as return on the government’s senior preferred stock. That will bring cumulative payments under the GSE conservatorships to $225.5 billion. Fannie and Freddie were given a total of $187.4 billion in government funds in order to stay in business.


November 14, 2014 - IMFnews

The Nonbanks in 3Q: Ocwen, WAC, PHH in the Dog House

Some publicly traded nonbanks are facing possible class-action lawsuits from angry investors who’ve seen billions of dollars in stock equity evaporate over the past year.


November 14, 2014 - IMFnews

Fannie, Freddie Mortgage Holdings Down Almost 47 Percent Since 2008 Takeover

The biggest decline has been in non-agency MBS holdings, mostly Alt A and subprime MBS that have been subject to fast liquidation rates.


November 13, 2014 - IMFnews

LoanDepot Acquisition of Mortgage Master Will Make LD the Nation’s 11th Largest Originator

In the retail channel, LoanDepot ranks fifth among all nonbanks, a figure that excludes what Mortgage Master brings to the table.


Poll

What will Fannie Mae’s and Freddie Mac’s new 97 LTV programs mean for your business?

It will give our business a big boost as there is a lot of pent up demand for the product.
It will have only a minor impact on our overall business as we already are doing high LTV business through FHA and some of our high LTV FHA business is likely to shift to Fannie and Freddie.
It won’t have any impact on our business as we plan to steer clear of all high LTV business – particularly in the GSE market.

vote to see results
Housing Pulse