The agencies issued $304.15 billion of new single-family MBS in February — the fifth straight month over the $300 billion mark, a level never seen until August of last year.
However, the court provided an opening for the CFPB to pursue claims raised in the parties’ motion for summary judgment alleging loan servicing misconduct after Feb. 26, 2017...
Repurchases were up in the fourth quarter of 2020, with Freddie still representing a disproportionate share of the action. Most claims are resolved without a buyback. (Includes three data charts.)
An Inside The GSEs analysis of UMBS issued by Fannie and Freddie over the past two years suggests the $1.5 billion cash-purchase cap will undercut loan sales at scores of lenders. (Includes data chart.)
Industry-wide REIT MBS holdings expanded just 0.6% during the fourth quarter, a sharp slowdown from the growth rates in the prior two quarters. (Includes data chart.)
The VA home loan program surged past the FHA in new business in 2020. Thanks to its rapid-refi option, the VA also took market share away from private MIs. (Includes three data charts.)
VA refinance activity was the key driver in the government-insured market last year, as production rose 168% from 2019. Freedom rode the refi train to become the top FHA/VA lender in the market.
Angel Oak Companies was the top supplier of expanded-credit mortgages securitized in 2020. Across the industry, volume was down in the fourth quarter and for the full year. (Includes three data charts.)
While the staggering $2.6 trillion of refinance originations in 2020 captured most of the industry's attention, the purchase-mortgage market also hit an annual record of $1.4 trillion. (Includes five data charts.)
Warehouse providers racked up $137.0 billion of commitments at year end, arming nonbanks with the credit they needed to make a record amount of new loans. A repeat performance in 2021? Probably not, but a good year nonetheless is expected. (Includes data chart.)
February marked the fifth month in a row when agency MBS issuance topped $300 billion. Although purchase-mortgage business fell significantly, refi remained strong. (Includes two data charts.)
The Structured Finance Association is working with members of Congress on a potential bill to help facilitate the transition away from the scandal-scarred LIBOR.
The CFPB proposed extending the GSE “patch” through September 2022 while new leadership at the regulator considers revisions to the general QM standards.
A January agreement between the Treasury and FHFA, which places limits on mortgage acquisitions by the GSEs, could send some business to the non-agency market. The limits apply to high-risk mortgages as well as loans for investment properties and second homes. (Includes data chart.)
Jumbo lending increased a scant 2% in the fourth quarter and held steady on an annual basis in 2020. The sector lost a significant amount of market share as agency refi business boomed. (Includes data chart.)
In the span of two days, Chase offered a first-of-its-kind risk-sharing transaction involving non-qualified mortgages and two prime non-agency MBS, including one with a balance of $1.10 billion.
The QM patch was scheduled to end July 1, but the timeline has been delayed as a Biden CFPB considers its options. The bureau might also revoke the newly-created category of seasoned QMs.
Retail production continued to gain market share in conventional-conforming lending, the biggest mortgage sector, but correspondent and broker share rose in the government and jumbo markets. (Includes two data charts.)
The nation’s largest table-funder, United Wholesale Mortgage, is giving its broker partners an ultimatum: If they work with Rocket Mortgage or Fairway Independent Mortgage, they can’t work for UWM.
After an anomalous spike in the third quarter, bank repurchase volumes returned to normal levels in the final three months of 2020. (Includes data chart.)
A 4% monthly increase in Ginnie Mae refinance volume largely benefited the VA market, which accounted for 57% of Ginnie MBS issuance in January. (Includes two data charts.)
The general consensus among private mortgage insurers is that a potential cut to FHA mortgage insurance premiums will have little impact on their business.
If HUD moves to preserve the 2013 disparate-impact rule, the National Association of Mutual Insurance Companies said it will likely continue its legal challenge.
The new timeline moves the moratorium’s expiration deadline, as well as the timeframe for a borrower to request an initial COVID-19 forbearance by three months to June 30.
Retail production continued to gain market share in conventional-conforming lending, the biggest mortgage sector, but correspondent and broker share rose in the government and jumbo markets. (Includes two data charts.)
While the staggering $2.6 trillion of refinance originations in 2020 captured most of the industry's attention, the purchase-mortgage market also hit an annual record of $1.4 trillion. (Includes five data charts.)
A January agreement between the Treasury and FHFA, which places limits on mortgage acquisitions by the GSEs, could send some business to the non-agency market. The limits apply to high-risk mortgages as well as loans for investment properties and second homes. (Includes data chart.)
February marked the fifth month in a row when agency MBS issuance topped $300 billion. Although purchase-mortgage business fell significantly, refi remained strong. (Includes two data charts.)
Even though the delay was more or less expected, industry watchers said the CFPB’s plan to reconsider the revised general QM final rule throws the industry deep into regulatory uncertainty.
Although GSE single-family business volume declined from January to February, the market remained at historically high levels, especially for refinance transactions. (Includes two data charts.)
A 4% monthly increase in Ginnie Mae refinance volume largely benefited the VA market, which accounted for 57% of Ginnie MBS issuance in January. (Includes two data charts.)
Although GSE single-family business volume declined from January to February, the market remained at historically high levels, especially for refinance transactions. (Includes two data charts.)
Treasury’s stake in the GSEs should be used to create a joint venture focused on affordable housing. Also, to ensure success, Fannie and Freddie should be converted into utilities, two industry pros recommend.