Latest News

Slip Sliding Away: Jumbo MSRs
March 3, 2021
Wells Fargo was the top jumbo servicer, with $268.73 billion of product at yearend, down 14.2% from the end of 2019.
CFPB Nominee: Agency Will Not Dictate Housing Finance Policy
March 3, 2021
Chopra said industry participants will be offered a “robust way to comply” with fair lending laws and that wrongdoers will be held accountable...
Angel Oak Stocks its First MBS with Post-Volatility Loans
March 3, 2021
Mortgages in the $272.3 million MBS have seasoned for an average of six months.
PennyMac Sees Green from the Ginnie EBO Game
March 3, 2021
PennyMac is hardly alone, but its disclosure reveals just how profitable the strategy can be...

Government-Insured Originations
Refi Train Carries FHA/VA Lending to Record in 2020
VA refinance activity was the key driver in the government-insured market last year, as production rose 168% from 2019. Freedom rode the refi train to become the top FHA/VA lender in the market.
Expanded Credit
Angel Oak Top Contributor to Expanded-Credit MBS in 2020
Angel Oak Companies was the top supplier of expanded-credit mortgages securitized in 2020. Across the industry, volume was down in the fourth quarter and for the full year. (Includes three data charts.)
Investors
Big Banks Load up on GSE Pass-Through MBS in 4Q20
Bank of America increased its MBS portfolio by a whopping $93.5 billion during the fourth quarter. Big gains were also reported by Chase, Schwab and Truist. (Includes two data charts.)
Originations
TPO Markets Crawl Back to Life, but Retail is Still King
Correspondent and wholesale-broker production made bigger gains from the third to the fourth quarter, but retail was the runaway winner in 2020. (Includes six data charts.)
Channels
Correspondent Claws Back Some Market Share in 4Q20
The correspondent production channel boosted its share of loans delivered into agency MBS during the fourth quarter, but not enough to regain its former glory. (Includes two data charts.)
Sales
GSE MBS Business Steady in January, Fannie Share Up
One month doesn't make a trend, but nonbank sales to Fannie and Freddie fell 3% from December to January, while the GSEs saw a 12% increase in bank business. (Includes two data charts.)

Inside Mortgage Finance

VA Share of Primary MI Continued to Grow in 2020
The VA home loan program surged past the FHA in new business in 2020. Thanks to its rapid-refi option, the VA also took market share away from private MIs. (Includes three data charts.)
State Regulators Set Sights on Streamlining Nonbank Exams
State regulators in 2021 plan to establish a streamlined examination process for nonbanks, as well as string together standards for servicers.
- CFPB Delays QM Standards Mandatory Compliance Date
- The GOS Boom is Over, Rates are Rising. Now What?
More Inside Mortgage Finance

Inside MBS & ABS

REITs Still Rebuilding MBS Portfolios Slowly in 4Q20
February 25, 2021
Industry-wide REIT MBS holdings expanded just 0.6% during the fourth quarter, a sharp slowdown from the growth rates in the prior two quarters. (Includes data chart.)
Bank ABS Holdings Up Modestly in 2020
February 25, 2021
Banks reported substantial gains in their holdings of consumer ABS and deals backed by vehicle loans, along with steep drops in credit card and commercial securitizations. (Includes two data charts.)
PennyMac Reveals Just How Profitable the EBO Game Can Be
February 25, 2021
If you’re interested in buying delinquent FHA/VA mortgages out of MBS pools, one shop, PennyMac, reveals just how much money you can make.
Previously-Securitized Loans in New Expanded-Credit MBS
February 25, 2021
Issuers of expanded-credit MBS have incentives to complete clean-up calls on seasoned deals and repackage the collateral into new securitizations.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Some GSE Business Could Move into Non-Agency Market
February 26, 2021
A January agreement between the Treasury and FHFA, which places limits on mortgage acquisitions by the GSEs, could send some business to the non-agency market. The limits apply to high-risk mortgages as well as loans for investment properties and second homes. (Includes data chart.)
Jumbo Lending Up Slightly in 4Q But Sector Loses Market Share
February 26, 2021
Jumbo lending increased a scant 2% in the fourth quarter and held steady on an annual basis in 2020. The sector lost a significant amount of market share as agency refi business boomed. (Includes data chart.)
Chase Floods Secondary Market with Non-Agency Offerings
February 26, 2021
In the span of two days, Chase offered a first-of-its-kind risk-sharing transaction involving non-qualified mortgages and two prime non-agency MBS, including one with a balance of $1.10 billion.
CFPB Delays End of Qualified-Mortgage Patch Rule
February 26, 2021
The QM patch was scheduled to end July 1, but the timeline has been delayed as a Biden CFPB considers its options. The bureau might also revoke the newly-created category of seasoned QMs.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

4Q20 GSE Buyback Activity Rises with Soaring Issuance
February 19, 2021
Repurchases were up in the fourth quarter of 2020, with Freddie still representing a disproportionate share of the action. Most claims are resolved without a buyback. (Includes three data charts.)
Bank Mortgage Income Off in 4Q20, But What a Year
February 19, 2021
Banks reported $22.5 billion in mortgage banking income in 2020, according to call reports. Long-time industry leader Wells Fargo had a rough ride. (Includes data chart.)
Technology, Communication Key for Successful Mortgage Closings
February 19, 2021
Industry participants suggest that technology and communication can help the closing process run smoothly. Hybrid closings have cut the time a borrower spends with a notary from 45 minutes to 15 minutes.
Just Because a Loan is in Forbearance, Foreclosure Is Not Inevitable
February 19, 2021
With forbearance rates stagnant since November and payment holidays scheduled to end in the coming months, foreclosures are expected. Still, loss mitigation and home price appreciation could dull the impact.

More Inside Mortgage Trends

Inside FHA/VA Lending

Refis Push Ginnie to New Monthly Record in January
A 4% monthly increase in Ginnie Mae refinance volume largely benefited the VA market, which accounted for 57% of Ginnie MBS issuance in January. (Includes two data charts.)
Private MIs Not Losing Sleep Over Rumored MIP Cut
The general consensus among private mortgage insurers is that a potential cut to FHA mortgage insurance premiums will have little impact on their business.
NAMIC to Wait and Watch HUD Decision on Disparate Impact
If HUD moves to preserve the 2013 disparate-impact rule, the National Association of Mutual Insurance Companies said it will likely continue its legal challenge.
FHA Extends Forbearance, Eviction Moratoriums Again
The new timeline moves the moratorium’s expiration deadline, as well as the timeframe for a borrower to request an initial COVID-19 forbearance by three months to June 30.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
4Q20 GSE Buyback Activity Rises with Soaring Issuance
Repurchases were up in the fourth quarter of 2020, with Freddie still representing a disproportionate share of the action. Most claims are resolved without a buyback. (Includes three data charts.)
Inside Mortgage Finance
VA Share of Primary MI Continued to Grow in 2020
The VA home loan program surged past the FHA in new business in 2020. Thanks to its rapid-refi option, the VA also took market share away from private MIs. (Includes three data charts.)
Inside Nonconforming Markets
Some GSE Business Could Move into Non-Agency Market
A January agreement between the Treasury and FHFA, which places limits on mortgage acquisitions by the GSEs, could send some business to the non-agency market. The limits apply to high-risk mortgages as well as loans for investment properties and second homes. (Includes data chart.)
Inside MBS & ABS
REITs Still Rebuilding MBS Portfolios Slowly in 4Q20
Industry-wide REIT MBS holdings expanded just 0.6% during the fourth quarter, a sharp slowdown from the growth rates in the prior two quarters. (Includes data chart.)
Inside the CFPB
CFPB Delays QM Rule Start Date, Creating Uncertainty
Even though the delay was more or less expected, industry watchers said the CFPB’s plan to reconsider the revised general QM final rule throws the industry deep into regulatory uncertainty.
Inside The GSEs
GSE Cash-Window Caps Could Impact Scores of Lenders
An Inside The GSEs analysis of UMBS issued by Fannie and Freddie over the past two years suggests the $1.5 billion cash-purchase cap will undercut loan sales at scores of lenders. (Includes data chart.)
Inside FHA/VA Lending
Refis Push Ginnie to New Monthly Record in January
A 4% monthly increase in Ginnie Mae refinance volume largely benefited the VA market, which accounted for 57% of Ginnie MBS issuance in January. (Includes two data charts.)

Inside The GSEs

GSE Cash-Window Caps Could Impact Scores of Lenders
An Inside The GSEs analysis of UMBS issued by Fannie and Freddie over the past two years suggests the $1.5 billion cash-purchase cap will undercut loan sales at scores of lenders. (Includes data chart.)
GSEs’ 2020 Earnings Revolve Around COVID-19
Spikes in amortization income, guarantee-fee income and credit-related expenses are all closely tied to the government’s intervention in the coronavirus crisis. (Includes data chart.)
More Inside The GSEs

Refinances were the hot story of 2020, but plenty of purchase lending still got done as well. What did your shop’s loan breakdown look like?