Latest News

USMI Leader Calls for Coordination on Housing Policy
December 7, 2023
Policymakers need better coordination between FHA and GSE policies, according to Seth Appleton, president of U.S. Mortgage Insurers.
Freddie Streamlines Originations of Condo Loans
December 7, 2023
Condo Project Advisor enhancements will allow lenders to determine whether a loan for a unit in a project is eligible for acquisition by Freddie within minutes.
Nonbank Lender Stocks Non-Agency MBS With GSE-Eligible Loans
December 7, 2023
The $576.2 million non-agency MBS is the first from CalCon Mutual Mortgage.
Fitch Leads MBS Ratings, a Close Second in ABS
December 7, 2023
Fitch rated $31.89 billion of non-agency MBS through the first nine months of 2023, which equaled 74.6% of total rated non-agency MBS issuance.

Jumbo
Weak Demand Drags Jumbo Production Down in 3Q
High interest rates and tighter credit boxes led to a decrease in originations of non-agency jumbos in the third quarter of 2023. (Includes data table.)
Government-Insured Servicing
Robust Ginnie MSR Sales Gaining Speed in 3Q23
Lakeview Loan Servicing has been the most active buyer of Ginnie Mae servicing rights since the beginning of 2022, dominating both the bulk and coissuance markets. (Includes two data tables.)
Issuance
GSE Supers Issuance Soars in 3Q23 as Fed Aggregates
Massive portfolio restructuring at the Federal Reserve led to a huge increase in production of Fannie and Freddie Supers MBS in the third quarter. Activity looks to be returning to normal. (Includes two data tables.)
Originations
Correspondent Channel Gains Traction in Third Quarter
Correspondent production was the only channel to post a gain in the third quarter, and competition appeared to be heating up. (Includes six data tables.)
Sales
Top Sellers Struggle to Increase Deliveries to the GSEs in October
Overall deliveries to the GSEs fell 11.0% in October and were down 51.2% year-to-date compared to 2022. That’s largely due to the decline in refis, which are off 85% compared to the first 10 months of last year. (Includes two data tables.)
Earnings
Nonbanks Post Tidy Gain in Mortgage Banking Income
Most nonbank mortgage lenders saw solid earnings gains from the second to the third quarter, although a few still struggled. Homebuilder affiliates as a group were more profitable in the first nine months of 2023 than they were last year. (Includes data table.)

Inside Mortgage Finance

Agency High-Balance Loans Soar in 3Q23, Jumbo Slumps
Fannie, Freddie and Ginnie all saw sturdy increases in agency-eligible high-balance loans during the third quarter. The non-agency jumbo market remains significantly bigger, but production fell.
Lenders Protest Rising Cost of Credit Reports
With the cost of credit reports rising, many lenders have begun increasing their use of cheaper soft pulls for borderline borrowers. However, lenders say credit bureaus are raising the price for those as well.
- A Lull in Activity for Subservicers in Third Quarter
- Making Sense of the GSEs’ New Repurchase Framework
More Inside Mortgage Finance

Inside MBS & ABS

Agency Issuance Stumbles Again in November
December 7, 2023
Freddie stood out as the only agency to do more single-family business in November than in the previous month, and some of that was because several top sellers shifted some GSE business away from Fannie.
SIFMA Details Punitive Impact of Capital Proposal
December 7, 2023
Proposed capital requirements for large banks would create “perverse incentives” for banks regarding securitization activity, according to a new analysis by the Securities Industry and Financial Markets Association.
Home Equity Lending to Boost Non-Agency MBS Market
December 7, 2023
Industry analysts are projecting an increase in securitization of home equity loan products in 2024.
Industry Effort on Rates, MBS Will Continue
December 7, 2023
To many in the industry, it looks as though the worm has turned and lower rates are a sure thing, thanks to recent benign inflation readings. But maybe not and that’s why CHLA is continuing its efforts regarding MBS buyers and more.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Expanded-Credit Lending Loses Some Share in Third Quarter
December 1, 2023
Expanded-credit mortgage originations declined by 8.0% in the third quarter, continuing a downward slide that started earlier this year. (Includes data table.)
Pent-Up Demand Driving Non-QM Business
December 1, 2023
LoanNex reported an increase in non-QM pricing scenarios in October as borrowers are more willing to lock loans in the current interest rate environment.
GSE Loan Limits Set to Rise in 2024
December 1, 2023
The FHFA increased the baseline conforming loan limit by 5.6% for 2024, while new research finds increasing conforming loan limits impacts home prices and loan volumes.
Nonprime Servicing Portfolios Grow Steadily in Third Quarter
December 1, 2023
A group of 20 servicers tracked in our rankings increased total nonprime servicing volumes by 11.1% on an annual basis as of the end of September. (Includes data table.)

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Servicing Still Propping Up Limping Production Income
November 22, 2023
While most publicly traded companies reported positive results on their production and servicing income, the MBA found that nearly half of the industry failed to turn a profit in the third quarter. (Includes data table.)
Bank MSR Fair Values Hit Historic Highs
November 22, 2023
Servicing for others by banks and thrifts was nearly unchanged in the third quarter at $3.14 trillion as MSR fair values rose to a historic high of 1.65% of the underlying servicing volume. (Includes data table.)
Strong Demand From Correspondent Buyers Boosts Guild
November 22, 2023
Guild’s originations unit swung to profitability in the third quarter even as originations declined. Leaders of the nonbank said strong demand from correspondent buyers prompted changes in models used for calculating the value of lock commitments and mortgages held for sale.
Foreclosures Not Solving Housing Supply Problem
November 22, 2023
The rate of foreclosures is too small to play a meaningful role in boosting housing supply, according to panelists at a recent Urban Institute conference.

More Inside Mortgage Trends

Inside FHA/VA Lending

New Online Marketplace Offering HELOCs, HECMs
Wellahead clients are referred by professionals including long-term care providers, financial advisors and estate attorneys.
Brokers Lose Share in FHA/VA Market in Third Quarter
The broker share of the government-insured market declined to 20.4% in the third quarter, down from 21.2% in the second quarter. (Includes data table.)
OIG Cites FHA for Insufficient Lender Monitoring
FHA lacks sufficient safeguards to monitor its lenders and servicers and to prevent ineligible loans and claims in its mortgage insurance program, according to the HUD’s Office of Inspector General.
FHA Proposes Revisions to the 203(k) Rehab Program
The revisions would increase the maximum allowable rehabilitation costs for a limited loan, update the rehab period for both standard and limited loans, and allow higher fees for program consultants.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Servicing Still Propping Up Limping Production Income
While most publicly traded companies reported positive results on their production and servicing income, the MBA found that nearly half of the industry failed to turn a profit in the third quarter. (Includes data table.)
Inside Mortgage Finance
Agency High-Balance Loans Soar in 3Q23, Jumbo Slumps
Fannie, Freddie and Ginnie all saw sturdy increases in agency-eligible high-balance loans during the third quarter. The non-agency jumbo market remains significantly bigger, but production fell.
Inside Nonconforming Markets
Expanded-Credit Lending Loses Some Share in Third Quarter
Expanded-credit mortgage originations declined by 8.0% in the third quarter, continuing a downward slide that started earlier this year. (Includes data table.)
Inside MBS & ABS
Agency Issuance Stumbles Again in November
Freddie stood out as the only agency to do more single-family business in November than in the previous month, and some of that was because several top sellers shifted some GSE business away from Fannie.
Inside the CFPB
Chopra Meets Often With Both Advocates, Trade Groups
In an analysis of CFPB Director Rohit Chopra’s leadership calendar, Inside the CFPB found he engages with several stakeholders outside of the agency’s walls, including frequent talks with trade groups and consumer advocates. (Includes data table.)
Inside The GSEs
Federal Home Loan Bank Earnings Slow Down in Third Quarter
After a strong run-up in earnings spanning more than a year, the Federal Home Loan Banks posted a modest decline in quarterly income in the third quarter. (Includes three data tables.)
Inside FHA/VA Lending
Brokers Lose Share in FHA/VA Market in Third Quarter
The broker share of the government-insured market declined to 20.4% in the third quarter, down from 21.2% in the second quarter. (Includes data table.)

Inside The GSEs

Federal Home Loan Bank Earnings Slow Down in Third Quarter
After a strong run-up in earnings spanning more than a year, the Federal Home Loan Banks posted a modest decline in quarterly income in the third quarter. (Includes three data tables.)
FHLB Review Provokes Further Action by FHFA
Even as the regulator rolls out some FHLB reforms, it knows Congress will have the final say on many of its objectives.
More Inside The GSEs

Artificial intelligence is grabbing headlines, but many in the mortgage industry aren’t yet on board. Are you thinking about deploying any AI technology soon (for example, appraisal automation, income/employment verification, compliance management)?