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. [Includes two charts.]

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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 FHA/VA Lending

VA Share in Gov’t-Backed Servicing Continued to Grow in Early 2018

The Department of Veterans Affairs home-loan guaranty program continued to account for most of the growth in the Ginnie Mae servicing business during the first quarter of 2018, a new Inside FHA/VA Lending analysis reveals. Total Ginnie mortgage-backed securities outstanding rose to $1.940 trillion as of the end of March, including multifamily MBS and securities backed by FHA reverse mortgages. Some $1.795 trillion of that amount was traditional single-family mortgages, a 1.1 percent increase from the end of last year. The forward-mortgage Ginnie market grew by 7.3 percent over the past 12 months. The amount of VA loans in Ginnie pools was up 13.1 percent from March 2017, nearing the $600.0 billion mark. By comparison, the FHA segment of the Ginnie market was up 4.7 percent from a year ago, hitting $1.085 trillion. Loan performance generally improved in both the ... [Charts]

Inside Nonconforming Markets

Jumbo MBS Underwriting Holds Steady, Banks Remain Top Contributors in 1Q18

Issuance of prime jumbo mortgage-backed securities is on the rise but underwriting standards for loans in the deals aren’t changing much, according to a new analysis by Inside Nonconforming Markets. Some $4.23 billion of prime jumbo MBS was issued in the first quarter of 2018, the highest quarterly volume for the sector since the first three months of 2015. Issuers in the sector have largely maintained super-prime underwriting standards since the financial crisis ... [Includes two data charts]

Inside MBS & ABS

Non-Mortgage ABS Roars Out of the Starting Gate In Early 2018 as Issuance Sets Post-Crash High

Production of new non-mortgage ABS soared in the first three months of 2018, pushing the market to its strongest quarter since the April-June cycle back in 2008. [Includes two charts.]

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 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.]

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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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