Latest News

Treasury’s Architect of GSE Reform Craig Phillips Leaving. What Next?
May 17, 2019
Most GSE watchers were shocked by the news of Phillips departure, but not all...
REITs Go on an Agency MBS Buying Spree in Early 2019
May 17, 2019
Mortgage-investing REITs saw their aggregate MBS portfolio jump 11.9% during the first quarter, representing a 28.0% increase year-over-year...
The Trend Continues: Delinquencies Keep Falling
May 17, 2019
The good news continues: residential delinquencies keep falling...
Things of Worry for Ginnie Mae Investors: Fast Prepays, Investigations
May 17, 2019
Ginnie MBS payments are covered by Uncle Sam but investors still have plenty to worry about...

Data
FHA, VA Purchase Production Down in 1Q19
FHA’s and VA’s purchase originations fell during the first three months of 2019 despite lower interest rates. On the other hand, lower rates helped boost both programs’ ref...
Earnings
Mortgage Banking Income Up at Most Banks in 1Q19
A group of 22 banks reported a combined $1.84 billion in mortgage banking income for the first three months of 2019, a solid improvement from the fourth quarter but down from the same period...
Consolidation and Structural Change Reshaping Servicing
The mortgage servicing business is seeing growing consolidation, especially in the second tier of market participants. Mergers, MSR sales and subservicing continue to reshape the market.
All Asset Classes Show Gains in 1Q19 ABS Issue Surge
Non-mortgage ABS issuance increased by a robust 31% from the fourth quarter of 2018 to the first three months of this year. Big gains were recorded in vehicle-finance transactions, credit card...
Agency MSR Transfers Off Sharply in Early 2019
Agency MSR sales fell sharply from the fourth quarter of 2018 to the first three months of this year, according to an exclusive Inside Mortgage Trends analysis. Much of the downturn resulted fr...
Servicing
Top Nonbanks Surge in Ranking of GSE Servicers
A handful of nonbanks with limited production capacity saw significant gains in their GSE servicing portfolios during the first quarter, including New Residential Investment, Matrix Financia...

Inside Mortgage Finance

Jumbo Lending Withstands Production Slump in 1Q19
Conventional-conforming lending still accounted for over half of first-lien originations in early 2019, but the sector also saw the biggest rate of decline from the previous period. Booming refi business helped the jumbo market.
New FHFA Director Calabria Gets a Chilly Reception from NAR
The National Association of Realtors this week picked apart FHFA's plan to recapitalize the GSEs and release them from conservatorship. NAR, by the way, favors a model where the GSEs are morphed into shareholder-owned utilities.
- Delinquencies Decline at Large Servicers in 1Q
- ‘Alternative’ Asset Manager Pretium Partners Eyeing Deephaven
More Inside Mortgage Finance

Inside MBS & ABS

REITs Go on Agency MBS Buying Spree in Early 2019
May 16, 2019
The two largest REIT investors in the MBS market added a combined $22.8 billion of agency MBS to their portfolios in the first quarter, boosting the industry to a record $308.1 billion in residential mortga...
Treasury Architect of GSE Reform Craig Phillips Leaving
May 16, 2019
Almost every GSE watcher knows Treasury counselor Craig Phillips is the chief architect of the blueprint to reform mortgage giants Fannie Mae ad Freddie Mac. But late this week, news broke that he&#...
PIMCO Delays IPO for Its Mortgage REIT
May 16, 2019
The firm this week postponed a $1 billion IPO for a new REIT that will purchase MBS and related assets. Down the road, the REIT likely will dip its toe in the non-QM pond as well.
GSE Credit-Risk Transfer Activity Slows in Early 2019
May 16, 2019
Fannie increased its issuance of credit-risk transfer debt notes in the first quarter, while Freddie production was down. Both GSEs stepped up their use of reinsurance to transfer risk.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Jumbo Servicing Down at Wells and JPM in 1Q19
May 10, 2019
Jumbo servicing portfolios increased sequentially at most prominent servicers during the first quarter of 2019, though Wells Fargo and Chase posted declines. First Republic Bank's servicing mode...
Prime Non-Agency MBS off to a Slow Start in 2Q
May 10, 2019
Issuance of prime non-agency MBS has slowed significantly. A pending deal from Wells Fargo is only the second issuance of 2Q19, though industry participants suggest that demand from investors is increasi...
Redwood Sees Strong Non-Agency Margins in 1Q
May 10, 2019
Redwood Trust's margins on residential mortgage activity increased in the first quarter due to strong demand in the secondary market for expanded-credit mortgages. Officials are also optimistic...
PIMCO REIT Eyeing New Non-Agency Loans
May 10, 2019
A new REIT managed by PIMCO initially will focus on agency loans but has designs on the non-agency market as well. A $1.0 billion IPO for the REIT could be completed next week.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Public Nonbanks Eke Out Small Profit in Early 2019
May 17, 2019
There was a significant divide between companies that hedge their servicing, which reported solid first-quarter earnings, and those that don't.
Credit Characteristics Still Strongest for Retail Loans
May 17, 2019
A bird's-eye view suggests retail originations had higher credit scores and lower DTI ratios than loans produced by correspondents and brokers. But third-party originators generated lower-risk loans at the...
The End May be Near for Ditech. As Auction Nears, SEC Filings Go Dark
May 17, 2019
The ailing Ditech Financial signaled in a new SEC filing that it will no longer file public reports on its quarterly and monthly results. The move comes days before bids are due on the franchise.
Loan Applications Spike Ahead of Fed Meetings
May 17, 2019
Mortgage applications surge in the days before the Fed meets to set interest rates, according to a study that looked at confidential data from HMDA. Applications fall by an even larger amount after the m...

More Inside Mortgage Trends

Inside FHA/VA Lending

GNMA MBS Issuance Rising Sharply in Many Directions
Ginnie Mae MBS production rose in April thanks to strong increases in both purchase and refinance business. Rate-term transactions accounted for much of the surge in refi activity, but cash-out deals rem...
Changes Proposed to Lender Certifications, Defect Taxonomy
FHA is seeking feedback on proposed changes to loan-level and annual lender certifications and the defect taxonomy to clarify lender liability under the False Claims Act.
Feds Order VA Lenders to Turn Over Loan Files
Dozens of VA lenders have been subpoenaed by the US Attorney’s Office in Brooklyn to turn over hundreds of VA loan files in connection with an investigation of their lending practices.
FHA Plans to Make Loan-Sale Program Permanent
FHA is seeking public comment on a proposed rulemaking as it looks to make permanent its long-running single-family loan sale program.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Public Nonbanks Eke Out Small Profit in Early 2019
There was a significant divide between companies that hedge their servicing, which reported solid first-quarter earnings, and those that don't.
Inside Mortgage Finance
Jumbo Lending Withstands Production Slump in 1Q19
Conventional-conforming lending still accounted for over half of first-lien originations in early 2019, but the sector also saw the biggest rate of decline from the previous period. Booming refi business helped the j...
Inside Nonconforming Markets
Jumbo Servicing Down at Wells and JPM in 1Q19
Jumbo servicing portfolios increased sequentially at most prominent servicers during the first quarter of 2019, though Wells Fargo and Chase posted declines. First Republic Bank's servicing model stands o...
Inside MBS & ABS
REITs Go on Agency MBS Buying Spree in Early 2019
The two largest REIT investors in the MBS market added a combined $22.8 billion of agency MBS to their portfolios in the first quarter, boosting the industry to a record $308.1 billion in residential mortgage securit...
Inside the CFPB
Proposal to Raise HMDA Reporting Thresholds
The CFPB late last week proposed to exempt more lenders from collecting and reporting loan-level data under the Home Mortgage Disclosure Act.
Inside The GSEs
Homebuying Season Lifts GSE MBS Business in April
Fannie saw significant gains in both purchase and refinance business in April. Wells Fargo was dethroned as the top GSE seller for the month.
Inside FHA/VA Lending
GNMA MBS Issuance Rising Sharply in Many Directions
Ginnie Mae MBS production rose in April thanks to strong increases in both purchase and refinance business. Rate-term transactions accounted for much of the surge in refi activity, but cash-out deals remain the mo...

Inside The GSEs

Homebuying Season Lifts GSE MBS Business in April
Fannie saw significant gains in both purchase and refinance business in April. Wells Fargo was dethroned as the top GSE seller for the month.
Craig Phillips, Architect of Blueprint for GSE Reform, Leaving Treasury
The man tasked with creating a plan to reform the nation’s housing-finance system said he’s leaving.
More Inside The GSEs

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