Latest News

Details Out on Home Point’s $15 Billion MSR Auction
September 17, 2021
Home Point, which went public earlier this year, has been the subject of recent downgrades...
HFSC Chair Waters Urges Biden to Pick Thompson for the FHFA Job
September 17, 2021
But the influential HFSC chair — who has no Congressional vote on such a nomination — also noted the acting director’s experience as a prudential regulator...
FHFA Proposal Could Revitalize GSE CRT Deals
September 17, 2021
The alterations unveiled by the Federal Housing Finance Agency touch on the prescribed leverage buffer and the capital treatment of CRT transactions.
New Non-Agency MBS from Goldman Sachs, Lone Star
September 17, 2021
In the Goldman deal, United Wholesale Mortgage is providing 37.9% of the collateral...

Buybacks
GSE Seller Buybacks Climb Toward Seven-Year High in 2021
The landslide of new single-family MBS issuance since the pandemic started is yielding a predictable side effect: rising buyback demands from the GSEs. (Includes two data charts.)
Profitability
Earnings Weaken on Both Production and Servicing
Lenders reported measurable declines in income from originations and secondary market as production volume fell and per-loan costs rose. MSR valuations hit servicing hard. (Includes data chart.)
Agency MBS
Freddie Blows Past Fannie as Market Rebounds in August
Freddie topped Fannie in single-family MBS issuance for the first time since late 2005 as a heavy flow of refinance business boosted the agency market in August. (Includes two data charts.)
Originations
Rookie Buyers Play Big Role in Record Purchase Market
Purchase-mortgage lending soared to a record $515 billion during the second quarter of 2021, buoyed by first-time buyers. Refi lending was down but still accounted for 58% of the market. (Includes five data charts.)
Ginnie Mae Issuance
FHA Tops VA in June and July Ginnie MBS Issuance
The FHA received some help from reperforming loans that had COVID payment forbearance, but the VA has also seen a sharp decline in refinance business. (Includes two data charts.)
Jumbo
Non-Agency Jumbo Lending Increases Amid Broader Downturn in 2Q
Originations of jumbo mortgages increased by 32% in the second quarter while total first-lien originations declined, helping the sector gain market share. Still, the share is below pre-pandemic levels. (Includes data chart.)

Inside Mortgage Finance

Non-Agency Jumbo Soars in 2Q21, Agency Not So Much
Originations of non-agency jumbos set an all-time record in the second quarter, but securitization of conforming-jumbo loans by Fannie, Freddie and Ginnie was down. (Includes three data charts.)
Industry Cheers as FHFA Suspends Parts of the PSPAs
Trade groups run a victory lap over the Biden administration decision to end Trump-era restrictions on the GSEs.
- Surprise: FHFA Introduces New GSE Capital Mandates
- Investors Like the Sound of ‘FHFA Director Calhoun’
More Inside Mortgage Finance

Inside MBS & ABS

Securitization Rates Creep Higher as Originations Wane
September 16, 2021
Fannie Mae, Freddie Mac and Ginnie Mae all securitized a higher proportion of loans in their respective markets during the second quarter, but non-agency securitization rates benefited more from a surge in new lending.
Regulators Suspend Certain PSPA Restrictions on GSEs
September 16, 2021
Some of the Trump-era restrictions placed on the GSEs have been put on hold for at least a year. That includes a cap on acquisitions of mortgages for investment properties.
FHFA Proposal Could Revitalize GSE Credit-Risk Transfer Activity
September 16, 2021
The blueprint would reverse capital requirements set in December, which offered few incentives for the GSEs to complete credit-risk transfer transactions.
Wells and Redwood Explore New Prime Non-Agency MBS
September 16, 2021
Wells Fargo stocked its latest prime non-agency MBS with conforming jumbo mortgages and Redwood Trust is using blockchain technology in its new deal.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Expanded-Credit Lending Near Pre-COVID Levels in Second Quarter
September 10, 2021
The expanded-credit sector is finally bouncing back from the disruptions faced for much of 2020. Originations in the second quarter of 2021 were close to pre-pandemic levels. (Includes data chart.)
Dataset for Non-Agency MBS Could Finally Get Updated
September 10, 2021
MISMO and SFA are leading separate efforts to update and modernize the dataset used by various non-agency MBS participants.
Adjustable-Rate Mortgage Lending Ticks Up in Second Quarter
September 10, 2021
A rise in interest rates near the end of March helped lift ARM originations in the second quarter. Still, the product’s market share remained well below pre-pandemic levels. (Includes data chart.)
Investors See Benefits from GSE-Eligible Loans in Non-Agency MBS
September 10, 2021
For investors willing to shift from the agency MBS market into non-agency deals, the flow of GSE-eligible mortgages in non-agency MBS looks like a good proposition. Lenders, meanwhile, are taking a hit on pricing.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Channel Volume Declines in 2Q21, Jumbo Gains Share
September 17, 2021
United Wholesale ranked as the top conventional-conforming lender thanks to its dominant wholesale-broker platform. The company made a splash in the surging jumbo sector. (Includes two data charts.)
Bank Mortgage Repurchases Drop in 2Q21, Reports Show
September 17, 2021
A sharp drop in bank mortgage repurchases from the first to the second quarter was due mostly to one institution: USAA Federal Savings Bank. (Includes data chart.)
Appraisal Options Galore as Fannie Addresses Bias
September 17, 2021
Incenter Appraisal Management launched a remote appraisal service, United Wholesale Mortgage is allowing brokers to bypass appraisal management companies and Fannie Mae is looking to reduce appraisal bias.
Consumer Groups Ask HUD to Monitor Algorithmic Bias
September 17, 2021
Fair housing advocates said HUD should continue to monitor mortgage lenders for potential discrimination stemming from the use of predictive technologies.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie MBS Issuance Down in Most Categories in August
Sales of FHA and VA loans into Ginnie MBS, both purchase mortgages and refinances, fell in August. But some issuers gained share in an ebbing market. (Includes two data charts.)
Industry Lauds HUD Plans to Boost Affordable Housing Supply
In a bid to bring 100,000 new affordable homes to market for purchase or rent in the next three years, HUD will limit the sale of certain FHA-insured and HUD-owned properties to institutional investors.
FHA Answers Servicers’ Questions on COVID-19 Mitigation
As part of FHA’s ongoing outreach to industry, Julienne Joseph, deputy assistant secretary for single-family housing, released a video answering servicers’ questions on COVID-19-related loss-mitigation options.
VA Evaluates Environmental Impact of Housing Loan Program
The Environmental Protection Agency recommended the VA Home Loan Program promote clean energy, sustainable water systems and other green building techniques in new builds and rehabilitations.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Channel Volume Declines in 2Q21, Jumbo Gains Share
United Wholesale ranked as the top conventional-conforming lender thanks to its dominant wholesale-broker platform. The company made a splash in the surging jumbo sector. (Includes two data charts.)
Inside Mortgage Finance
Non-Agency Jumbo Soars in 2Q21, Agency Not So Much
Originations of non-agency jumbos set an all-time record in the second quarter, but securitization of conforming-jumbo loans by Fannie, Freddie and Ginnie was down. (Includes three data charts.)
Inside Nonconforming Markets
Expanded-Credit Lending Near Pre-COVID Levels in Second Quarter
The expanded-credit sector is finally bouncing back from the disruptions faced for much of 2020. Originations in the second quarter of 2021 were close to pre-pandemic levels. (Includes data chart.)
Inside MBS & ABS
Securitization Rates Creep Higher as Originations Wane
Fannie Mae, Freddie Mac and Ginnie Mae all securitized a higher proportion of loans in their respective markets during the second quarter, but non-agency securitization rates benefited more from a surge in new lending.
Inside the CFPB
CFPB Proposes Data Collection Rule on Small Business Lending
More than 10 years after a mandate in the Dodd-Frank Act, the CFPB proposed data collection requirements for small business lending. The proposal could impact around 5,000 lenders.
Inside The GSEs
Freddie Sprints Past Fannie in Monthly Single-family Business
It doesn’t happen often (the last time was more than 15 years ago), but Freddie bested Fannie in single-family MBS issuance in August. Freddie saw big gains in multi-lender swap and guarantor business. (Includes two data charts.)
Inside FHA/VA Lending
Ginnie MBS Issuance Down in Most Categories in August
Sales of FHA and VA loans into Ginnie MBS, both purchase mortgages and refinances, fell in August. But some issuers gained share in an ebbing market. (Includes two data charts.)

Inside The GSEs

Freddie Sprints Past Fannie in Monthly Single-family Business
It doesn’t happen often (the last time was more than 15 years ago), but Freddie bested Fannie in single-family MBS issuance in August. Freddie saw big gains in multi-lender swap and guarantor business. (Includes two data charts.)
Thompson, Yellen Pull Parts of ‘Amended’ PSPAs
The mortgage industry’s warnings that the restrictions placed on the GSEs would tighten credit availability for less qualified borrowers were not lost on the Biden administration.
More Inside The GSEs

It was predicted that residential lenders would start shedding workers as the origination boom began to slow, but many say they’re still looking to hire. Is your shop planning to add staff in the coming months?