Latest News

High-Risk Lending Edges Up at Fannie and Freddie
January 18, 2022
Meanwhile, the share of low-risk loans — those with credit scores above 700 — dropped to 68.5%...
Rice Park Secures MSR Money, Targets $70B in Acquisitions
January 18, 2022
Rice Park said it wants to “build a large scale and durable MSR investing business.”
A Production Decline and Lower Mortgage Earnings for Truist
January 18, 2022
The weighted average coupon of Truist's MSR portfolio: 3.44%...
FHFA Rejects GSEs’ DTS Plans, Wants Revisions
January 18, 2022
Advocacy groups representing these underserved markets sharply criticized the plans, arguing the GSEs actually proposed reduced loan targets...

Buybacks
GSE Seller Repurchases Ratchet Higher in 3Q21
In the first nine months of 2021, GSE sellers have repurchased $2.1 billion of defective loans from Fannie Mae and Freddie Mac, more than in any year since 2014. Soaring new MBS issuance is the reason.
Channels
TPO Loan Production Gains Share in Mortgage Market
Detailed survey data show mortgage lenders leaned more heavily on wholesale-broker and correspondent production in the third quarter of 2021, particularly in the red-hot jumbo market.
Agency MBS
Agencies Push Market to Record Issuance in 2021
Single-family MBS issuance by Fannie, Freddie and Ginnie was up 10% from 2020 to 2021, but bigger percentage gains were posted by non-agency RMBS, commercial MBS and ABS production. (Includes three data charts.)
MBS
Agencies Set Annual Record in 2021 Despite 4Q21 Slump
Refinancing continued to account for most new business at Fannie Mae, Freddie Mac and Ginnie Mae in 2021, and the biggest gain was in purchase-mortgage activity. (Includes two data charts.)
Government-Insured Originations
Correspondent Channel Up in Fading FHA/VA Market
PennyMac Financial had the biggest correspondent platform in the FHA/VA market at the end of the third quarter, but a handful of competitors were gaining ground. (Includes data chart.)
Jumbo
Retail Share of Jumbo Lending Declining, Broker Share Up
The retail channel share of jumbo originations is coming back down to earth while the broker channel is receiving a boost thanks to United Wholesale Mortgage, among others. (Includes data chart.)

Inside Mortgage Finance

Nonbanks Push Agency MBS Servicing Beyond $8 Trillion
Many of the top nonbank servicers recorded strong increases in their agency servicing rights, through both organic production and bulk MSR purchases in the secondary market. (Includes two data charts.)
As New Year Begins, a Torrid Pace for MSR Offerings
Eager to tap a red-hot servicing market, nonbank mortgage shops are sidling up to the sales trough. How long might the bonanza last? Maybe all year.
- Servicers Cautious on Foreclosures as Forbearance Plans End
- Pandemic Allows Researchers to Assess CECL Effectiveness
More Inside Mortgage Finance

Inside MBS & ABS

RMBS Issuance Climbs to Post-Crisis Highs in 2021
January 13, 2022
Total non-agency MBS issuance rocketed up 82.8% last year. A huge surge in traditional jumbo loans drove a big increase in prime MBS issuance, helped by the GSE-eligible investor-property sector. (Includes three data charts.)
Thompson: No Administrative End for Conservatorship
January 13, 2022
Sandra Thompson, Biden’s nominee for FHFA director, gives a deft performance at her Senate confirmation hearing.
Treasury Rate Spike Hits MBS Values, Lenders
January 13, 2022
Buy low, sell high. That piece of advice applies to stocks as well as bonds. But is now the time to purchase agency securities?
CBO Flags Risks to Ginnie MBS Program Under Stress
January 13, 2022
The Congressional Budget Office looked at how an increase in nonbank issuers and a higher volume of VA loans might put Ginnie Mae’s MBS program at risk.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Non-Agency MBS Issuance Tops Pre-Pandemic Levels in 2021
January 7, 2022
Issuance of non-agency MBS last year topped the volume seen pre-pandemic. Activity was concentrated on prime loans, both non-agency jumbos and GSE-eligible mortgages. (Includes data chart.)
Non-Agency Market Could Gain from Higher Fees on GSE Mortgages
January 7, 2022
The upfront fees the GSEs charge for conforming jumbos and mortgages for second homes are set to increase. Some volume in those products will likely flow into the non-agency market.
A New Risk-Sharing Deal Involving Non-QMs
January 7, 2022
Mortgages in the transaction were acquired by Western Alliance Bank on a correspondent basis and will remain on its balance sheet. Risk-sharing deals in the non-agency market are rare and largely involve megabanks.
Expanded-Credit MBS Issuance Expected to Increase in 2022
January 7, 2022
Prospects for non-agency MBS issuance in 2022 look mixed, with expanded-credit activity expected to increase while volume involving non-agency jumbos and GSE-eligible loans could decline.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

GSE Credit Profile Turns Slightly Riskier in 2021
January 14, 2022
Fannie Mae and Freddie Mac generally widened their credit windows in 2021, but they still preferred mortgages with low and medium loan-to-value ratios.
Private MIs Lose Share of Agency Business in 4Q21
January 14, 2022
Private mortgage insurers lost market share in the agency purchase market during the last quarter of 2021, while FHA production shifted toward riskier business.
Mixed Signals From Mortgage Bellwethers Wells and JPM
January 14, 2022
It’s earnings season! The early results show a mixed mortgage bag for the megabanks. The mega-nonbanks start reporting later this month.
Preferences of Potential Homebuyers Vary Greatly
January 14, 2022
Nearly half of Black first-time homebuyers say they would prefer to take a class or conduct in-depth research before buying.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie MBS Issuance Hits Record in 2021, Helped by VA, Loan Mods
Issuance of Ginnie Mae mortgage-backed securities hit a record despite a slowdown in refi volume. The VA remained the top source of Ginnie activity for the second consecutive year. (Includes four data charts.)
UI: FHA MMIF Can Withstand Targeted Premium Cuts
FHA should provide targeted cuts to its mutual mortgage insurance premiums, according to the Urban Institute.
DOJ, CFPB Raise Red Flags for Servicers of VA Loans
The Consumer Financial Protection Bureau and the Department of Justice last month warned they will monitor VA loan servicers for signs of illegal foreclosures.
State AGs Urge FHA to Ensure Implementation of COVID Relief
FHA must address its servicers’ inadequate implementation of COVID-19-related mortgage payment relief, a multistate coalition told the agency late last month.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
GSE Credit Profile Turns Slightly Riskier in 2021
Fannie Mae and Freddie Mac generally widened their credit windows in 2021, but they still preferred mortgages with low and medium loan-to-value ratios.
Inside Mortgage Finance
Nonbanks Push Agency MBS Servicing Beyond $8 Trillion
Many of the top nonbank servicers recorded strong increases in their agency servicing rights, through both organic production and bulk MSR purchases in the secondary market. (Includes two data charts.)
Inside Nonconforming Markets
Non-Agency MBS Issuance Tops Pre-Pandemic Levels in 2021
Issuance of non-agency MBS last year topped the volume seen pre-pandemic. Activity was concentrated on prime loans, both non-agency jumbos and GSE-eligible mortgages. (Includes data chart.)
Inside MBS & ABS
RMBS Issuance Climbs to Post-Crisis Highs in 2021
Total non-agency MBS issuance rocketed up 82.8% last year. A huge surge in traditional jumbo loans drove a big increase in prime MBS issuance, helped by the GSE-eligible investor-property sector. (Includes three data charts.)
Inside the CFPB
Consumer Complaints About Mortgages Fall in 4Q21
Mortgage-related gripes filed with the CFPB declined in the fourth quarter, but complaints regarding loan modifications were up double digits. (Includes two data charts.)
Inside The GSEs
GSEs See Yet Another Year of Record MBS Issuance in 2021
With volumes down slightly for the quarter, depositories experienced a slight increase in their market share. But nonbanks still account for more than 68% of total GSE loan sales. (Includes two data charts.)
Inside FHA/VA Lending
Ginnie MBS Issuance Hits Record in 2021, Helped by VA, Loan Mods
Issuance of Ginnie Mae mortgage-backed securities hit a record despite a slowdown in refi volume. The VA remained the top source of Ginnie activity for the second consecutive year. (Includes four data charts.)

Inside The GSEs

GSEs See Yet Another Year of Record MBS Issuance in 2021
With volumes down slightly for the quarter, depositories experienced a slight increase in their market share. But nonbanks still account for more than 68% of total GSE loan sales. (Includes two data charts.)
Thompson Gives a Deft Performance at Confirmation Hearing
Biden’s FHFA nominee Sandra Thompson has made it clear that the agency can’t end the conservatorships without help from the Departments of Treasury and Justice and, most importantly, Congress itself.
More Inside The GSEs

Rates are starting to rise and much of the industry believes that they’ll continue to go higher. How high do you think interest rates for a 30-year FRM will go in 2022?