Mortgage loan deliveries to Fannie Mae and Freddie Mac were up 6.9% in 2024, driven mainly by higher volumes from New England and upper Midwest states. (Includes data table.)
The retail channel gained market share in agency deliveries as refinance deliveries increased sharply during the fourth quarter of 2024. Underwriting standards tightened and loan sizes rose. (Includes two data tables.)
Although interest rates were higher on loans backing agency MBS in January, there was a small, if uneven, increase in issuance from the previous month. (Includes two data tables.)
Four companies among the top 10 primary servicers upped their portfolios by double digits on a percentage basis in 2024 — all nonbanks. (Includes three data tables.)
Bank statement and alternative-documentation mortgages helped increase expanded-credit MBS issuance in the fourth quarter of 2024. (Includes three data tables.)
It was largely business as usual for Fannie Mae and Freddie Mac in the fourth quarter. But going forward, the Trump administration could make moves to reduce the two GSEs’ activity. (Includes data table.)
Refinance lending ended 2024 on a high note as interest rates on mortgages declined in the second half of the year. The purchase-mortgage market saw little growth, most of it driven by first-time homebuyer activity.
Although overall non-agency CMBS issuance fell slightly in the fourth quarter, volume was up in deals backed by retail and lodging properties. Agency multifamily activity quickened in the second half of 2024 but still came up a little short of the previous year. (Includes two data tables.)
Most “involuntary loan purchases” by servicers of Fannie/Freddie single-family MBS are related to loss mitigation and loan delinquency rather than loan defects. (Includes data table.)
Bargains are to be had in the multifamily loan sector as long as you can find a willing seller that’s trying to clean up its books. One such sale involved HomeStreet Bank in the Pacific Northwest.
Treasury Secretary Bessent’s cautious remarks about the prospect for GSE reform heighten industry skepticism about the release of Fannie Mae and Freddie Mac from conservatorship.
A small group of lenders accounted for the majority of prime non-agency MBS issued in 2024. JPMorgan Chase was the leader in the market as both an issuer and lender. (Includes three data tables.)
Updated guidance has exempted the GSEs from state mortgage licensing requirements but non-agency market participants still need to comply with the rule by April.
Private mortgage insurance companies lost nearly $6 billion of business on the purchase-mortgage side in the fourth quarter, but gained back almost all of it on the refinance side. (Includes two data tables.)
Hedging shifting values of mortgage servicing rights continued to be a major factor in bank mortgage-banking activity as production income remained strong despite a sag in volume. (Includes data table.)
The refi boomlet lost steam after peaking in November. PennyMac overtook Freedom Mortgage at the top of the issuer ranking in January. (Includes two data tables.)
The Senate voted 55-44 to confirm Scott Turner as housing secretary, paving the way for the Trump administration to install new leadership at FHA and Ginnie Mae.
The pause was ultimately rescinded following court injunctions. In the meantime, participants in government-insured mortgage programs faced uncertainty.
Private mortgage insurance companies lost nearly $6 billion of business on the purchase-mortgage side in the fourth quarter, but gained back almost all of it on the refinance side. (Includes two data tables.)
Refinance lending ended 2024 on a high note as interest rates on mortgages declined in the second half of the year. The purchase-mortgage market saw little growth, most of it driven by first-time homebuyer activity.
A small group of lenders accounted for the majority of prime non-agency MBS issued in 2024. JPMorgan Chase was the leader in the market as both an issuer and lender. (Includes three data tables.)
Although overall non-agency CMBS issuance fell slightly in the fourth quarter, volume was up in deals backed by retail and lodging properties. Agency multifamily activity quickened in the second half of 2024 but still came up a little short of the previous year. (Includes two data tables.)
The bulk of the complaints submitted to the CFPB last year involved inaccurate information on credit reports. Transunion, Equifax and Experian, as usual, were the most-complained about companies. (Includes two data tables.)
All but one of the top 10 GSE sellers delivered a higher proportion of mortgages to Freddie Mac than Fannie Mae in January. (Includes two data tables.)
The refi boomlet lost steam after peaking in November. PennyMac overtook Freedom Mortgage at the top of the issuer ranking in January. (Includes two data tables.)
All but one of the top 10 GSE sellers delivered a higher proportion of mortgages to Freddie Mac than Fannie Mae in January. (Includes two data tables.)
The sign of a good business model is one that makes profits in good times and bad. Fannie and Freddie have shown strong profits throughout the post-pandemic downturn. (Includes data table.)