Production of adjustable-rate mortgages increased by 25% from the first to the second quarter. However, the overall share of ARMs declined. (Includes data chart.)
The volume of FHA loans securitized into Ginnie Mae mortgage-backed securities increased 2.3% between July and August, while VA loan production sent to Ginnie declined at a similar rate. (Includes two data charts.)
Although REITs’ total MBS holdings were down in the second quarter, the industry recorded a modest increase in its agency MBS investment portfolio. (Includes two data charts.)
Bank holdings of auto ABS were up in the second quarter due to a big gain at U.S. Bank, while Ameriprise reported a sharp drop in its portfolio of commercial/industrial ABS. (Includes two data charts.)
The pace of house-price appreciation has slowed markedly over the past year, though there are still some hot pockets. And the FHFA's HPA index is pointing to another significant increase in the conforming loan limit for 2024. (Includes three data charts.)
A handful of top servicers fell out of the market during the second quarter, while banks reported a huge gain in their ARM portfolios. (Includes three data charts.)
Trade groups representing large banks and mortgage lenders warn that a July proposal to increase capital requirements for large banks could push depositories further from the mortgage market.
Money-market and mutual funds continued to invest heavily in the MBS market during the second quarter. Some of the burden may shift to foreign investors, experts suggest. (Includes two data charts.)
The GSEs effectively ended commingling of collateral in Supers securitizations last year. Despite a sharp reduction in the commingling fee, there was only a modest rebound in the practice in the second quarter. (Includes two data charts.)
SFA published best practices for ESG disclosures for residential MBS and auto ABS. The association is starting with a limited number of disclosures and plans to expand the effort.
Issuance of auto ABS in the third quarter of 2023 has topped issuance from the second quarter. Issuers are seeing strong demand from investors despite rising defaults. An auto worker strike is also introducing some uncertainty.
The retail channel accounted for 85.9% of jumbo originations in the first six months of the year among a group of major lenders tracked by this newsletter, up from 80.2% in the first half of 2022. (Includes data chart.)
The FDIC found that stronger regulatory supervision could have made First Republic more resilient following the collapse of Silicon Valley Bank and Signature Bank.
Helped by its acquisition of First Republic Bank, JPMorgan Chase overtook Wells Fargo to have the largest first-lien portfolio among banks and thrifts in the second quarter. (Includes data chart.)
The broker channel gained market share across the three major mortgage-product categories during the second quarter of 2023. In the conventional-conforming sector, the broker share hit 23.6%. (Includes two data charts.)
As severe weather events batter major housing markets, borrowers are finding it difficult and expensive to obtain homeowners insurance, according to panelists at a Mortgage Bankers Association conference.
Commercial banks reported a slight sequential increase in repurchases in the second quarter. But at the midway point this year, buybacks were down sharply compared to the first half of last year. (Includes data chart.)
Michael Nouguier, chief information security officer at Richey May, said the public-facing nature of loan officers’ work can expose them to targeted attacks.
Government-insured mortgage originations grew across all three lending channels in the second quarter, with brokers gaining market share from the correspondent channel. (Includes data chart.)
The VA loss-mitigation service program will more likely be launched next year, Michelle Corridon, deputy director of policy at VA, said during a recent MBA conference.
Panelists at a Community Home Lenders of America roundtable discussed the challenges in targeting low- to moderate-income borrowers, including first-time and minority homebuyers.
The broker channel gained market share across the three major mortgage-product categories during the second quarter of 2023. In the conventional-conforming sector, the broker share hit 23.6%. (Includes two data charts.)
A handful of top servicers fell out of the market during the second quarter, while banks reported a huge gain in their ARM portfolios. (Includes three data charts.)
The retail channel accounted for 85.9% of jumbo originations in the first six months of the year among a group of major lenders tracked by this newsletter, up from 80.2% in the first half of 2022. (Includes data chart.)
Money-market and mutual funds continued to invest heavily in the MBS market during the second quarter. Some of the burden may shift to foreign investors, experts suggest. (Includes two data charts.)
CFPB Director Rohit Chopra and Mortgage Bankers Association President and CEO Robert Broeksmit believe the consequences of deeming the bureau’s funding unconstitutional would be disastrous for regulated markets, especially housing finance.
Lenders sold $55.8 billion in loans to the government-sponsored enterprises in August. The GSEs boosted their share in new MBS issuance to 61.2% in the second quarter, but three in 10 conventional-conforming mortgages did not end up in Fannie/Freddie MBS. (Includes two data charts.)
Government-insured mortgage originations grew across all three lending channels in the second quarter, with brokers gaining market share from the correspondent channel. (Includes data chart.)
Lenders sold $55.8 billion in loans to the government-sponsored enterprises in August. The GSEs boosted their share in new MBS issuance to 61.2% in the second quarter, but three in 10 conventional-conforming mortgages did not end up in Fannie/Freddie MBS. (Includes two data charts.)
FHFA is showing that it’s willing to listen to industry feedback as the regulator works to transition the GSEs to new credit scoring processes. This week the agency delayed one aspect of the transition and noted plans to conduct listening sessions.