Latest News

What We’re Hearing: Talk of a GSE Legal Settlement? / Using Consent Decrees / Goldman’s New Prime Non-Agency MBS / Fannie Exec Departs for Industry Vendor
October 18, 2019
In a report released Friday morning, Cowen Washington Research Group analyst Jaret Seiberg noted that banking regulators have been using consent decrees for years. “Such orders also tend to include conduct restrictions on the banks,” he said…
Invictus Capital Partners to Issue Large Expanded-Credit MBS
October 18, 2019
The planned $681.0 million issuance will top a $609.2 million deal Invictus issued in May.
Top Bulk MSR Seller in 3Q19? A Battle Between Two Michigan-Based Mortgage Giants
October 18, 2019
loanDepot was also an active seller of bulk MSRs in the third quarter, according to an exclusive tally from Inside Mortgage Trends…
Ginnie Mae Has No President at All. Is That a Problem?
October 18, 2019
Maren Kasper graciously lauded the career staff of Ginnie, telling investors the agency is in good hands…

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Featured Data

GSE Securities Activity
Booming GSE Market in 3Q19 More Fragmented
Small and mid-sized mortgage banks expanded their footprint in the GSE market during the third quarter. (Includes two data charts.)
Agency MBS/Secondary Activity
Retail Channel Gains Share in 3Q19 Agency Market
Retail-originated loans accounted for a higher share of the booming agency mortgage market in the third quarter, and there are signs that wholesale-broker competition is heating up. (Includes two data charts.)
Non-Agency MBS
Non-Agency MBS Issuance Flat in 3Q, But ECM Soars
Nonprime securitization was down for the second straight quarter and the S&D market was sluggish. But prime-jumbo and ECM production rose sharply in the third quarter. (Includes three data charts.)
Mortgage Insurance
Private MIs Expand Share of First-timer Market in 3Q19
Repeat homebuyers accounted for over half of the agency purchase-mortgage market in the third quarter, the first time that’s happened in a while. (Includes four data charts.)
Ginnie Mae
Refi Business Spurs Another Big Month in GNMA MBS
Ginnie single-family MBS issuance rose 12.8% from July to $50.41 billion, the highest monthly production figure since September 2016. (Includes two data charts.)
Non-QM
Non-QM Market Set for More Growth
Originations of non-QMs are set to increase along with issuance of MBS backed by the loans. Investors in the secondary market are helping to fuel the growth.

Inside Mortgage Finance

Nonbanks Taking a Bigger Share of Agency Servicing
The nonbank share of agency servicing edged up to 47.2% at the end of September thanks to a 3.0% increase in volume. Meanwhile, banks reduced their agency servicing slightly. (Includes two data charts.)
A $2 Trillion Year for Home Lenders? Maybe, Just Maybe
Earlier in the year, production forecasts were downright glum. But thanks to the never-ending rate rally, 2019 could turn out to be a $2 trillion-plus year for originations.
- Calabria Suggests Early End to GSE Conservatorship
- CFPB Constitutionality Case Not on SCOTUS Review List
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Inside MBS & ABS

ABS Issuance Falters in 3Q Despite Jump in Card Deals
October 17, 2019
Issuance of vehicle-finance and business-loan ABS fell substantially in the third quarter, leaving total production roughly even with the first nine months of 2018. (Includes three data charts.)
Ginnie Has No President at All. A Nomination Coming?
October 17, 2019
The White House plans to nominate someone to lead Ginnie Mae but given the current political turmoil in Washington, is this a pipe dream? Investors don’t seem worried about the agency, at least not yet.
Non-Agency MBS Issuance Off to a Strong Start in 4Q
October 17, 2019
Presale reports for nine non-agency MBS backed by newly-originated loans were published halfway through October.
Calabria Eyeing Consent Decrees in GSE Exit Process
October 17, 2019
Not only is FHFA Director Mark Calabria homing in on a roadmap to end the conservatorship of Fannie and Freddie, he clearly believes the exit can take place before the two entities are fully capitalized.

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Poll

Inside Nonconforming Markets

Expanded-Credit MBS Issuance Surging; Prime Deals Slowing
October 11, 2019
Issuance of expanded-credit MBS more than doubled on an annual basis at the end of the third quarter while deals backed by prime mortgages and GSE-eligible loans declined. The expanded-credit sector is expected to continue to grow, according to industry analysts. (Includes data chart.)
Chase Preps Unique Non-Agency Credit-Risk Transfer Deal
October 11, 2019
JPMorgan Chase Bank has created a synthetic credit-linked note to transfer credit risk on a pool of jumbo mortgages. Unlike traditional MBS, loans in the transaction will remain on the bank’s balance sheet.
Quicken Issues Its First Prime Non-Agency MBS
October 11, 2019
After contributing loans to various prime non-agency MBS in recent years, Quicken Loans is set to issue the first deal on its own shelf.
Lenders Seek Retroactive QM Status Based on Loan Performance
October 11, 2019
The CFPB is considering whether to provide QM status to mortgages that didn’t miss payments in the early years after origination. The proposal has support from some lenders.

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Videos

Inside Mortgage Trends

Bulk MSR Sales Slump in 3Q19, Coissuance Surging
October 18, 2019
Falling interest rates and surging originations were poor conditions for bulk MSR sales in 3Q19, but coissuance activity was up sharply from the previous period. (Includes three data charts.)
Early Results Begin to Trickle: 3Q19 Production Pretty Good After All
October 18, 2019
In January, the origination forecast for 2019 looked bleak but that was before rates began their relentless descent. Today? Optimism abounds with several shops reporting strong lending results for 3Q19.
Negative MSR Marks a Problem in 3Q19? You Bet
October 18, 2019
Banks began reporting third quarter results this week and, as might be expected, negative servicing marks were quite noticeable.
GSE Credit Trends Tighten as Market Volume Surges
October 18, 2019
A smaller share of new Fannie Mae/Freddie Mac purchase business were recorded in the highest risk category. In the third quarter, most GSE loan acquisitions had credit scores of 740 and up. (Includes two data charts.)

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Inside FHA/VA Lending

Refinancing Pushes GNMA to Record Issuance in 3Q19
Ginnie Mae MBS volume was boosted by a 41% jump in VA loan deliveries and a 22% boost in FHA. Both programs saw sharp increases in refi volume along with rising purchase-mortgage business. (Includes four data charts.)
IG Audit Uncovers FHA Loans to Tax-Delinquent Borrowers
FHA insured at least $13 billion in loans to borrowers with unpaid federal tax debt, according to audit findings by the HUD inspector general. The potential loss on the problem loans could be as much as $6.1 billion, the IG said.
Montgomery Nominated to HUD; Kasper to Quit Ginnie
The White House has nominated FHA Commissioner Brian Montgomery as HUD deputy secretary. Meanwhile, interim Ginnie President Maren Kasper is stepping down by the end of next week.
Increased Oversight of HECM Servicers Expected in 2020
Servicers of Home Equity Conversion Mortgage loans should brace for additional on-site supervisory audits, according to attorneys.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Bulk MSR Sales Slump in 3Q19, Coissuance Surging
Falling interest rates and surging originations were poor conditions for bulk MSR sales in 3Q19, but coissuance activity was up sharply from the previous period. (Includes three data charts.)
Inside Mortgage Finance
Nonbanks Taking a Bigger Share of Agency Servicing
The nonbank share of agency servicing edged up to 47.2% at the end of September thanks to a 3.0% increase in volume. Meanwhile, banks reduced their agency servicing slightly. (Includes two data charts.)
Inside Nonconforming Markets
Expanded-Credit MBS Issuance Surging; Prime Deals Slowing
Issuance of expanded-credit MBS more than doubled on an annual basis at the end of the third quarter while deals backed by prime mortgages and GSE-eligible loans declined. The expanded-credit sector is expected to continue to grow, according to industry analysts. (Includes data chart.)
Inside MBS & ABS
ABS Issuance Falters in 3Q Despite Jump in Card Deals
Issuance of vehicle-finance and business-loan ABS fell substantially in the third quarter, leaving total production roughly even with the first nine months of 2018. (Includes three data charts.)
Inside the CFPB
Lawmakers Differ Sharply on CFPB’s Debt Collection Rule
A recent House hearing highlighted differences on how the CFPB should strengthen fair debt collection practices.
Inside The GSEs
Freddie Servicing Continues Growing Faster Than Fannie
The fastest growing group of Fannie/Freddie servicers in the third quarter was small and mid-sized mortgage companies, but that's largely because NewRez is not a top-tier originator. (Includes two data charts.)
Inside FHA/VA Lending
Refinancing Pushes GNMA to Record Issuance in 3Q19
Ginnie Mae MBS volume was boosted by a 41% jump in VA loan deliveries and a 22% boost in FHA. Both programs saw sharp increases in refi volume along with rising purchase-mortgage business. (Includes four data charts.)

Inside The GSEs

Freddie Servicing Continues Growing Faster Than Fannie
The fastest growing group of Fannie/Freddie servicers in the third quarter was small and mid-sized mortgage companies, but that's largely because NewRez is not a top-tier originator. (Includes two data charts.)
Calabria's Roadmap to the End of Conservatorship
Based on current earnings, it will take until 4Q20 or 1Q21 for Fannie to accumulate its statutory minimum capital requirement. For Freddie, the wait will be a little longer — until the 2Q21.
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