January 17, 2019

Latest from Inside Mortgage Finance

ARM Share Drops in Third Quarter

Adjustable-rate mortgages accounted for a smaller share of originations in 3Q18, despite rising interest rates. The decline may reflect slower production in the ARM-heavy jumbo market.

Read more in Inside Nonconforming Markets.

Large Nonbanks Grow Agency Servicing Share

A handful of heavyweight nonbanks ended 2018 with significant increases in their portfolios of servicing rights tied to agency mortgage-backed securities, according to an exclusive ranking and analysis by Inside Mortgage Finance.

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Megabanks’ Originations Weak, MSR Values an Issue

The nation’s megabanks took it on the chin in the fourth quarter, reporting weak origination figures and non-cash writedowns on their servicing assets, according to a handful of earnings reports released this week.

Supreme Court Rejects CFPB Constitutionality Case

The U.S. Supreme Court Monday refused to hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, turning away a legal challenge that could have led to more presidential power over the consumer watchdog.

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Feature Stories

Inside the CFPB

CFPB Assesses ATR/QMs, ‘GSE Patch’ and Servicing

The CFPB, in an assessment report last week, underscored the need to resolve the status of the temporary government-sponsored enterprises “patch” under the ability-to-repay and qualified mortgage rule.

Inside Mortgage Trends

TPO Production Channels Grew in Agency Market

Retail mortgage lending continued to lose market share in the second half of 2018, mostly due to a surge in correspondent production. A new Inside Mortgage Trends analysis of mortgage-backed securities data shows that the retail share of loans sold to Fannie Mae, Freddie Mac and Ginnie Mae fell to 48.6 percent last year. During the fourth quarter, sales of retail-originated loans declined by 14.9 percent, the sharpest downturn among ... [Includes two data charts]

Inside MBS & ABS

Non-Agency MBS Issuance Faded in Fourth Quarter

Production of new non-agency MBS fell sharply in the fourth quarter, ending a year that still set a post-crisis record for new issuance. [Includes three data charts.]

Inside The GSEs

GSE Market Shifts Toward Large Banks in Late 2018

Single-family mortgage business at Fannie Mae and Freddie Mac slumped in the fourth quarter of 2018 as purchase-mortgage activity faded, according to a new Inside The GSEs analysis of mortgage-backed securities disclosures. [Includes two data charts.]

Inside Nonconforming Markets

Non-Agency MBS Issuance Nearly Doubles in 2018

The total dollar volume of non-agency mortgage-backed securities backed by new originations nearly doubled in 2018, according to a new ranking and analysis by Inside Nonconforming Markets. Some $29.08 billion of non-agency MBS backed by new loans was issued in 2018, a 94.3 percent increase from 2017. Issuance of both prime non-agency MBS and expanded-credit deals hit post-crisis highs last year. Some $17.69 billion of prime non-agency ... [Includes one data chart]

Inside FHA/VA Lending

Ginnie MBS Issuance Down In 4Q Despite Refi Uptick

Ginnie Mae issuance of single-family mortgage-backed securities fell predictably in the fourth quarter, despite an unexpectedly strong market for refinance loans. [Includes four data charts.]

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