FHA issued an extensive FAQ document late last week, addressing questions about guidance with an Oct. 31 implementation date for reconsiderations of value.
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.)
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.)
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.)
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.)
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.)
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.)
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.)
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.
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.)
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.
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.
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.)
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.)
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.
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.)
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.
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.
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.)
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.)
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.)
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.
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.)
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.)
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.)
Industry players had raised concerns that the original proposal would have been too broad and included misconduct that didn’t affect safety and soundness.