“Without an increase in NMLS processing fees, CSBS staff projected losses of nearly $133 million over the next decade,” CSBS said in a report in response to feedback received on the proposal.
Andrew Davidson & Co. used data on credit use, balance and payment across time and multiple loan types to garner a comprehensive view of consumer financial behavior.
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.)
The biggest increases in home equity lending this year have been seen at nonbanks. Rocket Mortgage more than doubled its originations of closed-end second liens in the first half of 2024 from a year ago. (Includes three data charts.)
Banks and thrifts grew their first-lien portfolios from March to June despite a decline in portfolio sizes of some of the largest depositories. (Includes data table.)
Refinance activity drove much of the increase in Ginnie MBS issuance between July and August. Freedom Mortgage remained the top Ginnie issuer, but its production was down 1.9% from July. (Includes two data tables.)
Deputy Secretary of Treasury Wally Adeyemo hinted that the government might reduce its support of the FHLBanks if they don’t put more funds toward affordable housing.
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.)
Delinquencies on securitized non-QMs are increasing. But market participants believe there is so much credit enhancement on the deals, plus home equity, that it’s a non-issue for now.
Brokers took ground in nonconforming loan originations from retail and correspondent lenders during the first half of 2024. (Includes two data tables.)
As in previous years, several large lenders have announced increases to conforming loan limits ahead of the FHFA’s official release. However, this time there’s a risk that some lenders overshot where conforming loan limits will be set in 2025.
Despite interest rate cuts from the Federal Reserve, fix-and-flip lenders believe a lack of inventory and traditional seasonality will lead to a quiet end to 2024.
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.
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.)
At a conference on regulatory compliance and risk management this week, industry executives and government officials reiterated the importance of collaborating on policy to adapt to changes in the housing market.
Housing counseling agencies should increase training on home equity conversion mortgages to accommodate the rise in older Americans who want to age in place, according to FHA Commissioner Julia Gordon.
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%.
Brokers took ground in nonconforming loan originations from retail and correspondent lenders during the first half of 2024. (Includes two data tables.)
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 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.)
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.)
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.