Latest News

No VOE or VOI? Change to Issue Unique Expanded-Credit MBS
January 21, 2022
Change's MBS received a preliminary A rating from DBRS, which said the lender's program is weaker than other CDFIs'...
Banks Target Nonbanks for Asset-Based Lending, Warehouse
January 21, 2022
For months now, rumors have been circulating that Signature was planning to make a big splash in warehouse finance, having hired a former Wells Fargo executive...
Strong Earnings for TCBI but Warehouse Pressures
January 21, 2022
Last year, the depository sold its mortgage servicing portfolio — roughly $14.0 billion in MSRs — to Ocwen...
ABS Issuance Hits Record in 2021, Market Cools in 4Q
January 21, 2022
All major product groups saw significant gains in 2021...

Ginnie Mae Issuance
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.)
Expanded Credit
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.)
Issuance
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.)
Servicing
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.)
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.

Inside Mortgage Finance

Primary Insurance Market Follows 2021 Product Shifts
Private MIs made some gains in the insured purchase-mortgage market in 2021, while the FHA grew its share of insured refinance business. (Includes three data charts.)
Megabanks Give a Hint: Lower Originations Ahead
Early reporters of fourth-quarter results are giving the mortgage industry a glimpse of what’s to come for everyone else: weak or negative origination growth. Message: The party can’t last forever.
- Nearly 450 MLOs Fined for SAFE Act Testing Violations
- GAO Calls for More Action to Reform Housing-Finance System
More Inside Mortgage Finance

Inside MBS & ABS

ABS Issuance Hits Record in 2021, Market Cools in 4Q21
January 20, 2022
Every sector of the ABS market saw substantial increases in new issuance last year. Vehicle finance securitization and business ABS remained the top asset classes, though other markets gained share. (Includes two data charts.)
Earnings Preview: Strong Profits for Fannie, Freddie?
January 20, 2022
Fannie and Freddie have yet to release a date for their fourth-quarter results, but 4Q was likely a tad shy of 3Q. Credit stable interest rates and decent MBS volumes.
Expanded-Credit MBS Issuance Perks Up Following Year-End Lull
January 20, 2022
Six issuers offered expanded-credit MBS in recent days, ending a nearly 30-day pause in issuance. Loans in the deals have seasoned for longer than the turn times seen for prime non-agency MBS.
Ginnie MBS Investors Closely Watching FHA Capital Ratio
January 20, 2022
Head of investment strategy at Amherst Pierpont Securities said changes to FHA premiums based on the MMIF capital ratio had big impacts on prepayments following the Great Recession.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Chase Tops Prime Non-Agency MBS Issuers; UWM Leads Lenders
January 21, 2022
JPMorgan Chase was in a league of its own in the prime non-agency mortgage-backed securities market last year, with more than double the volume of its nearest competitor. (Includes three data charts.)
Loans in Change Lending MBS Lack Income, Job Verification
January 21, 2022
The first non-agency MBS issued by a Community Development Financial Institution includes loans that didn’t require verification of borrower income or employment.
Mortgage Originations Flat at First Republic in Fourth Quarter
January 21, 2022
The bank’s fourth-quarter lending was flat, but it had record level originations for the year and expects volume to increase in 2022.
Conforming-Jumbo Business at GSEs Levels Off in 2021
January 21, 2022
Strong home price appreciation helped push some GSE conforming jumbos into the non-agency market. Are loans for second homes next? (Includes data chart.)

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 Volume Outstanding Ticks Up in 2021, Led by VA
Ginnie servicing outstanding increased by 0.2% in 2021, led by VA mortgages. Loan performance continued to improve during the fourth quarter. (Includes four data charts.)
Senate Banking Committee Ties on Gordon’s Nomination, Again
Julia Gordon, President Biden’s nominee for FHA commissioner, received a tie vote this week in the Senate Banking Committee. She was renominated for the position earlier this month.
MBA, NAR Raise Concerns Over VA Home Loan Fees
The House last week passed the Guard and Reserve GI Bill Parity Act, which would raise fees for VA home loans to help fund expanded educational assistance for servicemembers.
Amherst Exec Scales Back Expectations for FHA Premium Cuts
Steven Abrahams of Amherst Pierpont Securities believes FHA might use surplus MMI funds to subsidize first-time homebuyers and other traditionally underserved communities.

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
Primary Insurance Market Follows 2021 Product Shifts
Private MIs made some gains in the insured purchase-mortgage market in 2021, while the FHA grew its share of insured refinance business. (Includes three data charts.)
Inside Nonconforming Markets
Chase Tops Prime Non-Agency MBS Issuers; UWM Leads Lenders
JPMorgan Chase was in a league of its own in the prime non-agency mortgage-backed securities market last year, with more than double the volume of its nearest competitor. (Includes three data charts.)
Inside MBS & ABS
ABS Issuance Hits Record in 2021, Market Cools in 4Q21
Every sector of the ABS market saw substantial increases in new issuance last year. Vehicle finance securitization and business ABS remained the top asset classes, though other markets gained share. (Includes two 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 Volume Outstanding Ticks Up in 2021, Led by VA
Ginnie servicing outstanding increased by 0.2% in 2021, led by VA mortgages. Loan performance continued to improve during the fourth quarter. (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?