Latest News

Buybacks Spiked in 2Q22
September 26, 2022
Sellers repurchased 20.3% more GSE loans in 2Q22 than in the prior quarter.
Rushmore Joins String of Firms Selling Their Servicing Platform
September 26, 2022
The California-based mortgage servicer also exited correspondent lending.
Fannie/Freddie Supers Production Ends Slide in August
September 26, 2022
Although secondary securitizations fell 39.3% for the first eight months of 2022, production at both enterprises spiked in August.
MISMO Updates Progress on UMDP
September 26, 2022
At its fall summit, the Mortgage Industry Standards Maintenance Organization summarized upcoming changes to the uniform appraisal dataset and the uniform closing dataset.

Sales
Top GSE Sellers Expand Market Share in August
In a month of flip-flops, the largest lenders recorded increases in production and Freddie’s volume topped Fannie’s. (Includes two data charts.)
Earnings
Mortgage Banking Income at Banks Declining Sharply
Banks and thrifts saw another drop in mortgage banking income in the second quarter of 2022. Trends varied widely among banks, with some big players managing to improve earnings while others falter. (Includes one data chart.)
Agency MBS
RMBS Market Up Again in June, Agency Chugs Along
The Federal Reserve remained the largest single investor in single-family MBS, though its portfolio finally began to decline during the second quarter. Ginnie led the agency market gains, while non-agency posted a fourth straight quarterly gain. (Includes two data charts.)
Nonconforming
Jumbo a 2Q22 Bright Spot, But Not for Fannie/Freddie
A new pricing scheme at Fannie and Freddie led to a steep decline in their purchases of high-balance loans in the second quarter. Meanwhile, non-agency jumbo — and the FHA — saw increased production. (Includes three data charts.)
Government-Insured Originations
HECM Market Continues to Grow in Second Quarter
Lenders funded $17.71 billion of home-equity conversion mortgages during the first six months of the year as housing wealth continues to grow among homeowners 62 and older. (Includes three data charts.)
Expanded Credit
Expanded-Credit Lending Holds Up in Tough Second Quarter
The expanded-credit mortgage sector bucked the trend and increased production in the second quarter. While some lenders significantly boosted originations, others recorded sharp declines. (Includes data chart.)

Inside Mortgage Finance

Whole Loans Coming Back as 2Q22 Agency Share Ebbs
Banks, thrifts and credit unions all reported sizable increases in their retained single-family mortgages. And home-equity debt outstanding was up for the first time in 14 years. (Includes two data charts.)
Interest Rates Taking Toll on Lenders, Borrowers
Rising rates are putting pressure on both lenders and borrowers. Meanwhile, with originations constrained consolidations should increase.
- How Many Lenders Are Losing Money? A Lot
- Brokers Protest Fannie Mae’s Capital Rule-Related TPO Fee
More Inside Mortgage Finance

Inside MBS & ABS

Kroll Clings to Lead in MBS Ratings, S&P Ups ABS Share
September 22, 2022
S&P, Moody's and Fitch continued as the top rating services in non-agency MBS and ABS at the midway point in 2022, though Kroll held onto the lead in the RMBS market. (Includes two data charts.)
Ginnie Posts Nonbank Eligibility Requirement FAQs
September 22, 2022
Ginnie Mae could take additional actions on new eligibility requirements if problems emerge in the MSR market.
Secondary MBS Activity Down Significantly in 2022
September 22, 2022
Issuance of GSE Supers appeared to take a hit in July when Fannie and Freddie implemented new fees on commingled collateral, but production rebounded in August. (Includes two data charts.)
PacWest Bank Offers One-Off Non-Agency Risk Transfer
September 22, 2022
Pacific Western Bank started acquiring residential mortgages in March 2021. PacWest is now done acquiring loans and looking to share credit risk on a pool with an unpaid principal balance of $2.68 billion.

More Inside MBS & ABS

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Inside Nonconforming Markets

Jumbo Correspondent Originations Jump in 2Q
September 16, 2022
The correspondent channel gained market share in the jumbo sector in the second quarter. The retail channel, though, remained the predominant source of jumbos, with strong competition in the channel among banks. (Includes data chart.)
Non-Agency MBS Players Seek Standardization on Data
September 16, 2022
MISMO is getting close to releasing revised standards for data collection in the non-agency MBS market. The effort could prompt efficiencies for lenders, due diligence firms and rating services.
Spreads on Expanded-Credit MBS Tighten Post Volatility
September 16, 2022
Spreads had steadily widened in the expanded-credit sector between February and July. But as spreads declined in August, demand for expanded-credit MBS appears to have improved.
Shellpoint Tops Non-Agency MBS Servicers in Second Quarter
September 16, 2022
Shellpoint handled servicing on nearly 35% of the non-agency MBS issued in the second quarter of 2022. (Includes data chart.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Correspondents Gain Share in GSE Market in Second Quarter
September 23, 2022
The correspondent channel regained market share lost during the refi boom in the conventional-conforming sector. The retail channel remained the largest source of originations in the sector in the second quarter. (Includes two data charts.)
Bank Mortgage Sales Down in 2Q22, Pipeline Low as Well
September 23, 2022
Commercial banks and savings institutions reported significant declines in secondary market mortgage activity during the second quarter. Home loans held for sale on banks’ books also saw a severe drop. (Includes two data charts.)
Bank Repurchases Bounce Back in Second Quarter
September 23, 2022
Repurchase activity at banks and thrifts increased sharply during the second quarter. PNC Bank overtook JPMorgan Chase to lead the industry in buybacks. (Includes data chart.)
Rushmore Quietly Exited TPO Ahead of Sale
September 23, 2022
It’s not easy making a living originating loans these days, especially for third-party lenders. The latest firm to exit TPO: Rushmore.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Issuance Continues to Slide as Refinances Shrivel
Ginnie Mae MBS issuance declined again in August as refinances and VA securitizations contracted. PennyMac continued to top the issuer ranking. (Includes two data charts.)
Ginnie to Help Issuers Comply with Eligibility Requirements
Ginnie Mae is currently conducting one-on-one discussions to help issuers better understand the reasoning behind its new financial eligibility requirements that are set to take effect next year, the agency’s President Alanna McCargo said.
MBA Urges White House Support for FHA MIP Cut
Four trade groups, including the Mortgage Bankers Association, are asking the White House’s National Economic Council to support a reduction in FHA mortgage insurance premiums.
FHA to Allow Monthly Surplus Cash Distributions for MF Borrowers
The new policy only applies to FHA multifamily loans endorsed after the release of the Sept. 7 mortgagee letter.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Correspondents Gain Share in GSE Market in Second Quarter
The correspondent channel regained market share lost during the refi boom in the conventional-conforming sector. The retail channel remained the largest source of originations in the sector in the second quarter. (Includes two data charts.)
Inside Mortgage Finance
Whole Loans Coming Back as 2Q22 Agency Share Ebbs
Banks, thrifts and credit unions all reported sizable increases in their retained single-family mortgages. And home-equity debt outstanding was up for the first time in 14 years. (Includes two data charts.)
Inside Nonconforming Markets
Jumbo Correspondent Originations Jump in 2Q
The correspondent channel gained market share in the jumbo sector in the second quarter. The retail channel, though, remained the predominant source of jumbos, with strong competition in the channel among banks. (Includes data chart.)
Inside MBS & ABS
Kroll Clings to Lead in MBS Ratings, S&P Ups ABS Share
S&P, Moody's and Fitch continued as the top rating services in non-agency MBS and ABS at the midway point in 2022, though Kroll held onto the lead in the RMBS market. (Includes two data charts.)
Inside the CFPB
CFPB Seeks Feedback on Streamlined Refinancing, Servicing
The bureau wants to know how it can make it easier and less risky for consumers to refinance their mortgages, and how it could spur the creation of new products.
Inside The GSEs
Seller Buybacks Surge Again in 2Q22, Pipeline Declining
Seller buybacks were up 20.3% from the first to the second quarter, with most of them involving loans sold to the GSEs in 2021. Rocket Mortgage and loanDepot led the industry in repurchases during the first half of 2022. (Includes three data charts.)
Inside FHA/VA Lending
Ginnie Issuance Continues to Slide as Refinances Shrivel
Ginnie Mae MBS issuance declined again in August as refinances and VA securitizations contracted. PennyMac continued to top the issuer ranking. (Includes two data charts.)

Inside The GSEs

Seller Buybacks Surge Again in 2Q22, Pipeline Declining
Seller buybacks were up 20.3% from the first to the second quarter, with most of them involving loans sold to the GSEs in 2021. Rocket Mortgage and loanDepot led the industry in repurchases during the first half of 2022. (Includes three data charts.)
Fannie Fee on Broker Originations Faces Pushback
Industry groups say Fannie’s 15-bp fee on broker-originated loans flies in the face of the level playing field for the mortgage business.
More Inside The GSEs

Sales of bulk mortgage servicing rights are at a fever pitch these days. Has your shop gotten in on the buying frenzy?