April 19, 2018

Latest from Inside Mortgage Finance

The top four participants are servicing 31.9% of the nation's mortgages, according to Inside Mortgage Finance.

See who the top 50 servicers at year-end 2017 were.

Nonbanks Gobble Up More of the Agency Servicing Market in Early 2018; Growth Spurts at Ginnie Mae

The steamship that is the nonbank share of the mortgage servicing market showed no signs of changing course in the early months of 2018, a new Inside Mortgage Finance analysis reveals

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Does MB Financial Exit Signal a Shift Toward Industrywide ‘Go Big or Go Home’ Mentality?

Midwest banking giant MB Financial shocked the mortgage market late last week with its decision to exit national lending, citing tight profit margins, lower originations and stiff competition. Now comes the big question: Who’s next?

M&A Market for Mortgage Service Providers Begins Heating Up – With No End in Sight

Not only are several mortgage banking firms exploring sale opportunities these days, but dozens of vendors that serve the industry either have changed hands or are up for grabs as well – with more deals expected in the months ahead.

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Inside the CFPB

States Set to Fill the CFPB Vacuum to Protect Consumers

States are dedicating more resources for consumer protection in financial services to fill the vacuum of a potentially less aggressive CFPB. New Jersey Attorney General Gurbir Grewal, D, recently said in a press release that he and Gov. Phil Murphy, D, will “fill the void left by the Trump administration’s pullback of the Consumer Financial Protection Bureau,” and create what they referred to as a “state-level CFPB.” Murphy will name Paul Rodriguez as the director of the New Jersey Division of Consumer Affairs ...

Inside Mortgage Trends

Agency MBS Issuance Tumbled in 1Q18; Purchase Market Up Slightly from 2017

Fannie Mae, Freddie Mac and Ginnie Mae posted a two-year low in new single-family business during the first quarter of 2018, according to a new Inside Mortgage Trends analysis of loan-level mortgage-backed securities disclosures. The three agencies guaranteed a total of $268.78 billion of purchase mortgages and refinance loans during the first three months of the year. That was down 19.2 percent from the previous three-month period and ... [Includes one data chart]

Inside MBS & ABS

Non-Agency MBS Issuance Down Sharply in Early 2018 as Scratch-and-Dent Market Slows

The non-agency MBS market is starting to look more like it did before the financial collapse of 2008, although still a much slimmer version of its former self. [Includes three data charts.]

Inside The GSEs

Early 2018 Brings More Volatility To GSE Single-Family Rivalry

Fannie Mae and Freddie Mac had wildly different experiences in the first quarter of 2018, a period when both firms saw declining single-family business volume. But Freddie’s production of single-family mortgage-backed securities plummeted 29.2 percent from the fourth quarter of 2017, while Fannie’s 5.7 percent decline was roughly one fifth as severe. Those cross-currents upended the playing field, giving Fannie a hefty ... [Includes two data charts.]

Inside Nonconforming Markets

Issuance of Non-Agency MBS Backed By New Loans Up Sharply in 1Q18

Issuance of non-agency mortgage-backed securities with prime jumbo loans and expanded-credit mortgages flourished in the first quarter of 2018, according to a new ranking and analysis by Inside Nonconforming Markets. Combined, $6.28 billion of such securities was issued, more than double the activity in the first quarter of 2017 and up 24.6 percent from the fourth quarter of last year. Some $4.23 billion of prime jumbo MBS was issued during ... [Includes one data chart]

Inside FHA/VA Lending

Ginnie MBS Production Tumbled To Three-Year Low in Early 2018

Issuance of new single-family Ginnie Mae mortgage-backed securities fell sharply in the first quarter of 2018, according to a new Inside FHA/VA Lending ranking and analysis. The agency issued $92.58 billion in MBS backed by forward mortgages during the first three months of 2018. That was down 14.8 percent from the previous three-month period and represented the lowest quarterly total since early 2015. The 1Q figure is based on truncated loan amounts reported in Ginnie’s loan-level MBS disclosures. Reports with unrounded single-family loan amounts show a total of $95.75 billion in first-quarter MBS issuance, including FHA reverse mortgages. The loan-level data reveal that production fell 6.9 percent from February to March, when just $28.21 billion of Ginnie single-family securities were issued. That was the lowest monthly volume since February 2015. Both the FHA and VA programs saw significant ... [Charts]

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Poll

What’s your opinion on how Mick Mulvaney has managed the CFPB since he took over three months ago?

He’s done a good job of paring back the agency’s excesses and we’d like to see more.

35%

I hope he totally dismantles the agency and sends those functions back to the agencies hence they came.

14%

Not bad, but he needs to take his time making additional changes.

12%

We’re totally aghast. He’s gone way too far in protecting the rights of companies not consumers!

39%

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