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Refis With Primary MI Spike in Fourth-Quarter MBS
January 24, 2025
Deliveries to Fannie Mae and Freddie Mac of mortgages with private MI more than quadrupled from the third quarter, hitting $6.58 billion in the fourth quarter.
Senate Committee Approves Turner’s HUD Nomination
January 24, 2025
Sen. Elizabeth Warren, D-MA, the ranking member of the committee, said she was prepared to vote in favor of Turner’s nomination but first wanted to see results from a pending background check on the nominee by the Federal Bureau of Investigation.
Maryland Licensing Regulation a Major Issue for MBS
January 24, 2025
Some non-agency MBS issuers are excluding Maryland loans from transactions due to the new regulation.
Layton Skeptical Trump Admin Will Complete GSE Reform
January 24, 2025
The administration hasn’t come up with a business plan to replace the current system.

Securitization
Prime Loan MBS Issuance Declines in 4Q
ECM and agency-eligible loans helped pick up the slack for non-agency MBS issuance in the fourth quarter as prime volume slowed.
Ginnie Mae Issuance
Ginnie MBS Issuance Up in 4Q With Refi Push
VA refis in Ginnie MBS issuance more than doubled on a quarterly basis in the fourth quarter and FHA refi volume was up almost 50%. On an annual basis, Ginnie MBS issuance increased by nearly 20% in 2024.
Non-Agency MBS
Non-Agency RMBS Issuance Trending Higher at Yearend
Issuance of prime non-agency MBS tripled from 2023 to 2024, boosting the market to its best year since 2021. Expanded-credit mortgage securitization accounted for 34% of non-agency issuance last year. (Includes three data tables.)
Servicing
Ginnie, Nonbanks Gain More Ground in Agency Servicing
Bulk sales of agency MSR played a role in the growth of several nonbank servicing portfolios during the fourth quarter. The market continued to shift to higher-coupon mortgages. (Includes two data tables.)
Issuance
Chill Settles Over Structured Finance Market in Late 2024
New issuance was up in all the major food groups last year: residential MBS, commercial MBS and ABS. But overall quarterly volume slipped late in 2024.
MBS
Agency Market Grew in 4Q Despite December Refi Bust
Many top-tier sellers in the agency single-family market recorded massive increases in sales of rate-term refinances in the fourth quarter — but the refi market cratered in December.

Inside Mortgage Finance

Sharp Split in MI Volume Trends in Fourth Quarter
Agency refis with primary MI skyrocketed in the fourth quarter of 2024 while purchase-mortgage business declined somewhat. Lenders tightened underwriting standards on refis as volume flowed. (Includes three data tables.)
Industry Guardedly Optimistic on Pulte’s Nomination
Bill Pulte, Trump’s choice to run the FHFA, is a scion of a homebuilding industry giant, but his background is mostly in private equity and philanthropy.
- Sharp Swings Expected on Federal Housing Policies
- Cost of a Wholesale Unit: Just About Zero
More Inside Mortgage Finance

Inside MBS & ABS

Record ABS Issuance in 2024 Despite End-Year Collapse
January 23, 2025
Deals backed by leases and loans to consumers to buy cars and other vehicles continued to set the pace in ABS issuance last year. But the only sector to see increased volume in the fourth quarter was ABS backed by unsecured consumer loans. (Includes three data tables.)
New Maryland Licensing Rule Puts MBS Market on Edge
January 23, 2025
The new licensing requirement represents a major shift for the MBS market, with participants scrambling to either comply or avoid loans in the state. A challenge to the requirements appears likely.
Uncertainty on Government Guarantee, GSE Ratings
January 23, 2025
The debate over how to end the conservatorships of Fannie Mae and Freddie Mac hinges on whether rating services would downgrade the GSEs if they exit without an explicit government guarantee.
Non-QM MBS Issuer Inks Deal With Insurance Company
January 23, 2025
Although Acra Lending could have new owners soon, it continues to strike partnerships. The latest one involves selling non-QMs to an insurance company.

More Inside MBS & ABS

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Inside Nonconforming Markets

Loans for Self-Employed Boost ECM MBS Issuance
January 24, 2025
Bank statement and alternative-documentation mortgages helped increase expanded-credit MBS issuance in the fourth quarter of 2024. (Includes three data tables.)
A&D to Acquire Flagstar’s TPO Business
January 24, 2025
The deal is expected to boost A&D’s originations of agency loans. The lender has so far focused on expanded-credit mortgages.
Core Product Share of GSE Business Level in 4Q
January 24, 2025
It was largely business as usual for Fannie Mae and Freddie Mac in the fourth quarter. But going forward, the Trump administration could make moves to reduce the two GSEs’ activity. (Includes data table.)
Rate’s Non-QM Lending Reaches New Heights in 2024
January 24, 2025
Changing market dynamics and training efforts provided a boost to Rate’s non-qualified mortgage business last year.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Bulk MSR Transfers Slow in 4Q24, Shift Down in Coupon
January 17, 2025
Flagstar’s transfer of $73.9 billion of agency servicing rights accounted for over a third of the bulk MSR transfers in the fourth quarter. Coissuance volume was up slightly with higher agency MBS issuance. (Includes three data tables.)
HUD Secretary Nominee Turner Punts on Budget Questions
January 17, 2025
Scott Turner, nominee for secretary of the Department of Housing and Urban Development, told senators during his confirmation hearing that Congress holds the purse strings.
Delinquencies on Loans in Agency MBS Rise in 4Q
January 17, 2025
The total delinquency rate on loans in agency MBS increased by 24 basis points during the fourth quarter. Delinquencies were up at FHA, VA and the GSEs. The rate is expected to rise modestly in 2025. (Includes data table.)
Lenders See Benefits, Challenges With eClosing
January 17, 2025
While electronic closings offer faster turn times, adoption of the technology comes with some complications. Still, the share of eNotes is expected to triple by 2028.

More Inside Mortgage Trends

Inside FHA/VA Lending

VA Outstandings Reach $1 Trillion, Ginnie Delinquencies Rise
Ginnie servicing portfolios expanded modestly in the fourth quarter as VA outstandings broke through the $1 trillion level. Delinquencies continued to rise to levels not seen since the pandemic. (Includes four data tables.)
HUD Nominee Plans to Review Programs, Maximize Budget
Housing Secretary nominee Scott Turner offered few specifics during his confirmation hearing last week. But he outlined plans to review agency programs and maximize their budgets.
Trump Appears Unlikely to Reduce FHA Premiums
With a new federal administration in charge, the MBA renewed its calls for reductions to FHA premiums. However, the Trump administration is unlikely to cut premiums.
FHA Sets New Loss-Mit Waterfall With Flexibilities
The new policies were established days before the end of the Biden administration and won’t take effect until February 2026. The policies won praise from industry trade groups.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Bulk MSR Transfers Slow in 4Q24, Shift Down in Coupon
Flagstar’s transfer of $73.9 billion of agency servicing rights accounted for over a third of the bulk MSR transfers in the fourth quarter. Coissuance volume was up slightly with higher agency MBS issuance. (Includes three data tables.)
Inside Mortgage Finance
Sharp Split in MI Volume Trends in Fourth Quarter
Agency refis with primary MI skyrocketed in the fourth quarter of 2024 while purchase-mortgage business declined somewhat. Lenders tightened underwriting standards on refis as volume flowed. (Includes three data tables.)
Inside Nonconforming Markets
Loans for Self-Employed Boost ECM MBS Issuance
Bank statement and alternative-documentation mortgages helped increase expanded-credit MBS issuance in the fourth quarter of 2024. (Includes three data tables.)
Inside MBS & ABS
Record ABS Issuance in 2024 Despite End-Year Collapse
Deals backed by leases and loans to consumers to buy cars and other vehicles continued to set the pace in ABS issuance last year. But the only sector to see increased volume in the fourth quarter was ABS backed by unsecured consumer loans. (Includes three data tables.)
Inside the CFPB
Complaints Against Mortgage Lenders and Servicers Ease in 2024
Mortgage-related complaints submitted by consumers to the CFPB last year were the lowest since the bureau opened its door more than a decade ago. (Includes two data tables.)
Inside The GSEs
Large Nonbanks Continue to Dominate GSE Servicing
At its current pace, by the end of March Mr. Cooper Group will have overtaken Chase Home Finance as the largest GSE server. (Includes two data tables.)
Inside FHA/VA Lending
VA Outstandings Reach $1 Trillion, Ginnie Delinquencies Rise
Ginnie servicing portfolios expanded modestly in the fourth quarter as VA outstandings broke through the $1 trillion level. Delinquencies continued to rise to levels not seen since the pandemic. (Includes four data tables.)

Inside The GSEs

Trump Picks Bill Pulte for FHFA Director
Pulte’s nomination received a warm reception from industry trade groups. He’s the grandson of the founder of home construction firm PulteGroup.
GSEs Delay Bi-Merge and Shift From FICO Classic
The GSEs’ credit score playbook now lists the implementation dates of the bi-merge and the shift away from Classic FICO as TBD.
More Inside The GSEs

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?