Latest News

Prime Non-Agency MBS Issuance Outpaces Expanded Credit
October 14, 2024
Non-agency MBS issuance backed by new originations totaled $20.15 billion in the third quarter, up 17.7% from the previous quarter.
Wells Fargo’s Cuts to Mortgage Staff Level Off
October 14, 2024
Wells originated $5.5 billion of mortgages through the retail channel in the third quarter of 2024, down 14.1% from the third quarter of 2023.
FHA Clarifies Expectations for Reconsiderations of Value
October 14, 2024
FHA issued an extensive FAQ document late last week, addressing questions about guidance with an Oct. 31 implementation date for reconsiderations of value.
Lenders Improve Efficiency With Originations Increasing
October 14, 2024
Residential funders employed 184,000 full-timers at the end of August, down 12,600 from August 2023.

Government-Insured Originations
Correspondents Regain Share Among Government Lenders
The correspondent channel’s share of government-insured lending increased in the second quarter, but it was still down on a year-to-date basis from the first half of 2023. (Includes data table.)
Agency MBS
Asset Securitization Market Hits 2-Year High in Third Quarter
Issuance of residential MBS was up 11.9% in the third quarter, thanks to a decline in interest rates that sparked increased refinance activity and bolstered purchase-mortgage lending. (Includes three data tables.)
MBS
Agency Business Rises in 3Q24, Ginnie Keeps Gaining
The agency market may need continued growth in refinance lending to sustain the third quarter’s increase in single-family business. Fueled by surging refi volume, Ginnie grew its share of agency MBS issuance. (Includes two data tables.)
Buybacks
Lender Buybacks Steady in 2Q, Pending Claims Rise
While seller repurchases of Fannie loans fell sharply in the second quarter, buybacks of Freddie loans were up. Rocket Mortgage and United Wholesale Mortgage ranked at the top of GSE buybacks for the first half of the year. (Includes three data tables.)
Channels
Retail Footprint Grows in Conventional Lending
The retail share of conventional-conforming production rose by more than three percentage points while government and nonconforming lenders turned toward correspondents. (Includes two data tables.)
Originations
Nonbank Share of Lending Up in First Half of 2024
Depository institutions pulled back, to some extent, from mortgage lending in the first half of 2024 and nonbanks stepped in to fill the void. Nonbanks accounted for nearly 65% of originations in the first six months. (Includes two data charts.)

Inside Mortgage Finance

Ginnie Mae Leads Agency Servicing Over $9 Trillion
It’s no surprise that Ginnie, and nonbank servicers, saw the biggest gains in the agency MSR market in the third quarter. Freedom Mortgage made noise growing its portfolio by nearly 20%. (Includes two data tables.)
Originations Rise. Industry Employment, Not So Much
With originations increasing, should mortgage lenders add workers or get by with what they have and pay overtime? Mortgage-banking employment is actually down compared to January.
- Mortgage Rate Outlook Choppy in the Near Term
- Tensions Grow Between the Biden Administration and the FHLBanks
More Inside Mortgage Finance

Inside MBS & ABS

Non-Agency MBS Issuance Continues Growing in 3Q
October 10, 2024
Non-agency MBS issuance was up in the third quarter thanks to strong gains in prime and expanded-credit MBS. Home equity and short-term business-purpose loan deals also gained momentum. (Includes three data tables.)
Blackstone Enters Non-QM Space, Hires Annaly Exec
October 10, 2024
The Blackstone Group wants to make its mark in the non-QM arena and has hired away an executive from Annaly’s Onslow Bay unit.
Hurricanes Pose Hiccups for Non-Agency MBS Deals
October 10, 2024
Non-agency MBS issuers typically ensure properties in the deal are damage free. That standard can be difficult to achieve if a hurricane strikes while the deal is still in the works.
MBA Asks HUD to Revise Multifamily Securitization Proposal
October 10, 2024
FHA lenders said the proposed rule would raise the cost of multifamily construction lending.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Prime Growth Outpaces Expanded-Credit in Non-Agency MBS
October 11, 2024
JPMorgan Chase remained the top issuer of non-agency MBS in the third quarter, increasing its issuance by 25.8%. (Includes data tables.)
Maxex Expands Guidelines for Jumbos in Marketplace
October 11, 2024
The move aims to bring Maxex’s jumbo program more in line with conventionally underwritten loans.
Trump Proposal Would Impact ITIN Mortgages
October 11, 2024
The former president has proposed banning mortgages for undocumented immigrants if elected to a second term. At this point, the loans are largely only available in the non-agency market.
Core Product Share of GSE Business Increases in 3Q
October 11, 2024
Noncore products include conforming jumbos, investor loans, cash-out refis and mortgages for second homes. (Includes data table.)

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Fannie/Freddie Risk Profile Mixed in Third Quarter
October 4, 2024
Sellers to the GSEs sold a larger share of new single-family mortgages with lower credit scores in the third quarter of 2024. But they also in-creased deliveries of mortgages with lower loan-to-value ratios. (Includes two data tables.)
Agency MBS Activity With MI Continues to Increase
October 4, 2024
Purchase mortgages with primary mortgage insurance pooled into agency MBS increased by 9.7% from the second quarter, while refinance volume spiked by 40.2%. (Includes two data tables.)
Standardization Can Help Mitigate Risk Tied to Remote Work
October 4, 2024
Companies should implement consistent trainings for all new hires to help mitigate risk and create standard expectations.
Survey Finds More Deals Failing Due to Contingency Issues
October 4, 2024
Loan officers are increasingly offering clients buy-before-you-sell products to help them beat contingencies issues, according to HomeLight, a provider of buy-before-you-sell products.

More Inside Mortgage Trends

Inside FHA/VA Lending

Refi Activity Drives Growth in Ginnie MBS Issuance
A rise in VA and FHA refinance business helped to increase Ginnie Mae mortgage-backed security issuance in the third quarter. The increase in purchase-mortgage volume was more modest. (Includes four data tables.)
New Loss-Mitigation Options Create Compliance Risks
Streamlining the adoption of new loss-mitigation programs ahead of deadlines can help servicers enhance their loan portfolios, according to a white paper from DLS Servicing Consultants.
FHA Eases Cyber Incident Reporting Requirements
Following pushback from mortgage industry groups, FHA proposed extending the timeline for lenders to report certain cyber incidents to HUD.
VA Lenders Adapting to Real Estate Commission Changes
Prior to the changes taking effect, VA issued a temporary variance to allow borrowers to pay buyer-broker charges so they can compete in the real estate market.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Fannie/Freddie Risk Profile Mixed in Third Quarter
Sellers to the GSEs sold a larger share of new single-family mortgages with lower credit scores in the third quarter of 2024. But they also in-creased deliveries of mortgages with lower loan-to-value ratios. (Includes two data tables.)
Inside Mortgage Finance
Ginnie Mae Leads Agency Servicing Over $9 Trillion
It’s no surprise that Ginnie, and nonbank servicers, saw the biggest gains in the agency MSR market in the third quarter. Freedom Mortgage made noise growing its portfolio by nearly 20%. (Includes two data tables.)
Inside Nonconforming Markets
Prime Growth Outpaces Expanded-Credit in Non-Agency MBS
JPMorgan Chase remained the top issuer of non-agency MBS in the third quarter, increasing its issuance by 25.8%. (Includes data tables.)
Inside MBS & ABS
Non-Agency MBS Issuance Continues Growing in 3Q
Non-agency MBS issuance was up in the third quarter thanks to strong gains in prime and expanded-credit MBS. Home equity and short-term business-purpose loan deals also gained momentum. (Includes three data tables.)
Inside the CFPB
CFPB Working on Reducing Regulations for Refinances
The CFPB is looking into whether it’s necessary to recertify a borrower’s ability to repay a rate-term mortgage refinance, Kevin Stevens, a senior manager at the bureau, said at a Mortgage Bankers Association conference held in Washington, DC, last week.
Inside The GSEs
Smaller Lenders Ride GSE Market Uptick in Third Quarter
Nonbanks of all sizes, except for HFAs, lost market share to all types of depositories. Even so, the rankings of the top 10 GSE sellers barely changed in the third quarter. (Includes two data tables.)
Inside FHA/VA Lending
Refi Activity Drives Growth in Ginnie MBS Issuance
A rise in VA and FHA refinance business helped to increase Ginnie Mae mortgage-backed security issuance in the third quarter. The increase in purchase-mortgage volume was more modest. (Includes four data tables.)

Inside The GSEs

Smaller Lenders Ride GSE Market Uptick in Third Quarter
Nonbanks of all sizes, except for HFAs, lost market share to all types of depositories. Even so, the rankings of the top 10 GSE sellers barely changed in the third quarter. (Includes two data tables.)
FHFA Re-Proposes Rule on Suspended Counterparty Program
Industry players had raised concerns that the original proposal would have been too broad and included misconduct that didn’t affect safety and soundness.
More Inside The GSEs

The mortgage industry has been shedding jobs for a while now, but some lenders — particularly ones that focus on non-QMs — are talking about staffing up in anticipation of increased originations. Is your shop planning to hire this year?