The volume of rate/term refis in prime non-agency MBS more than doubled compared with the fourth quarter of 2024. Still, purchase mortgages dominate issuance.
Shellpoint Mortgage Servicing passed Newrez/Shellpoint with servicing tied to non-agency MBS issued in the first quarter. The bulk of SPS’ servicing is focused on expanded-credit mortgages.
A surge in refinance activity — especially rate-term transactions — provided much of the fuel for April’s 16% increase in agency single-family MBS. So far, 2025 is running 14% ahead of last year’s pace. (Includes two data tables.)
While new production of CLOs backed by broadly-syndicated loans and middle-market loans fell sharply in the first quarter, issuance of CRE deals increased significantly. Nearly two-thirds of CLO activity were reset transactions. (Includes two data tables.)
In the purchase-mortgage market, private MIs lost some share compared with the fourth quarter of 2024. Though the private MI share was up compared with the first quarter of 2024. (Includes two data tables.)
Originations of home loans with some form of primary mortgage insurance fell across the board in the first quarter, but the FHA and VA gained share as the private MIs saw the biggest declines. (Includes four data tables.)
In the current interest rate environment, homebuilders seem to favor offering mortgage buydowns rather than reducing prices. Officials at mortgage companies fear the buydown activity is inflating home prices.
A heavy load of maturing commercial real estate loans is expected to boost non-agency CMBS production in 2025, and first-quarter issuance suggests the market is up to the challenge. Agency multifamily MBS got off to a slow start, as usual. (Includes two data tables.)
Investors are showing a greater interest in ABS this month, following a rocky April. The recent softer tone taken by President Trump on tariffs seems like the reason.
Portfolio holdings at the government-sponsored enterprises declined across the board during the first quarter of 2025. On an annual basis, Fannie Mae increased its holdings of MBS while Freddie Mac’s mortgage holdings increased. (Includes data table.)
While jumbo servicing among a group of 30 large servicers was up 10.0% on an annual basis as of the end of March, growth in the first quarter of 2025 was well below that pace. (Includes data table.)
Correspondent sales of jumbo mortgages originated in 2024 increased by more than 60% on an annual basis. The largest sellers were almost all nonbanks, though Chase cracked the top 5 with its deliveries into non-agency MBS. (Includes data table.)
Many banks reported sharp declines in mortgage originations — and income derived from it — in the first quarter of 2025. But gains from MSR hedging activity made up for the decline in production. (Includes data table.)
Correspondent aggregators increased their agency origination footprint in the first quarter of 2025, even as securitization volume fell by 22.6%. Purchase mortgages still dominated the market while credit quality remained stable. (Includes two data tables.)
Ginnie Mae MBS issuance increased 29.7% from March to April, driven by strong refinance activity. Monthly volume was up in all four government-backed mortgage programs. (Includes two data tables.)
The House Veterans’ Affairs Committee forwarded a partial claims bill to Congress, but committee members warned that tens of thousands of veteran borrowers are facing foreclosure in the meantime.
Veterans United Home Loans saw a sharp decline in correspondent sales of government-backed loans in 2024, while volume at Guild Mortgage and Rate surged. (Includes data table.)
Many banks reported sharp declines in mortgage originations — and income derived from it — in the first quarter of 2025. But gains from MSR hedging activity made up for the decline in production. (Includes data table.)
Originations of home loans with some form of primary mortgage insurance fell across the board in the first quarter, but the FHA and VA gained share as the private MIs saw the biggest declines. (Includes four data tables.)
While jumbo servicing among a group of 30 large servicers was up 10.0% on an annual basis as of the end of March, growth in the first quarter of 2025 was well below that pace. (Includes data table.)
A heavy load of maturing commercial real estate loans is expected to boost non-agency CMBS production in 2025, and first-quarter issuance suggests the market is up to the challenge. Agency multifamily MBS got off to a slow start, as usual. (Includes two data tables.)
President Trump plans to nominate Jonathan McKernan as undersecretary of domestic finance at the Department of the Treasury. The news comes as a surprise as McKernan was slated to be the next director of the CFPB.
Mortgage loan acquisitions by Fannie Mae and Freddie Mac accelerated in April, driven in part by a jump in refinance lending. (Includes two data tables.)
Ginnie Mae MBS issuance increased 29.7% from March to April, driven by strong refinance activity. Monthly volume was up in all four government-backed mortgage programs. (Includes two data tables.)
Mortgage loan acquisitions by Fannie Mae and Freddie Mac accelerated in April, driven in part by a jump in refinance lending. (Includes two data tables.)
Freddie’s guarantee book of business rose from $3.104 trillion at the end of 2024 to $3.115 trillion as of the end of March. Fannie’s fell from $3.622 trillion to $3.610 trillion. (Includes data table.)