Latest News

REIT MBS Investments Up Almost 19% From a Year Ago
December 4, 2023
AGNC posted a hefty 19.4% increase in its agency MBS portfolio...
More Pain for Warehouse Financiers
December 4, 2023
Over the past year, a handful of banks have exited the warehouse finance sector, including Comerica and Fifth Third.
In a Quiet RMBS Market, PIMCO Launches a New Security
December 4, 2023
PIMCO was once an investor in Acra’s predecessor company, Citadel Servicing...
What's Up Doc? How About a Mortgage?
December 4, 2023
Guild’s medical professional loan program offers up to 100% financing and no MI with credit scores of at least 680...

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

FHA Gains Share in Key Sector: First-Time Buyers
UWM was the top originator of purchase loans for the first nine months of 2023, while Rocket held the lead in refinance lending. The FHA saw a rising share of purchase loans sold to the agencies in the third quarter. (Includes four data tables.)
FHFA Ups GSE Conforming Loan Limits by 5.6% in 2024
The baseline loan limit for one-unit properties will be $766,550 next year. Home prices are projected to continue to rise in 2024 but the rate of growth is open to debate.
- More Pain for Warehouse Lenders; Truist Shifts
- Trade Groups Want CFPB to Slow Down FCRA Rulemaking
More Inside Mortgage Finance

Inside MBS & ABS

Mortgage REITs Boost MBS Holdings With Agency Gains
November 30, 2023
Annaly Capital Management remained the biggest REIT investor in the MBS market, but AGNC Investment gained a lot of ground in the third quarter. (Includes two data tables.)
SEC Final Rule on Conflicts of Interest More Palatable
November 30, 2023
The SEC has finalized a rule prohibiting certain conflicts of interest in the securitization market. Industry participants are largely happy with changes in the final version of the rule.
Cautious Optimism in Commercial MBS Market
November 30, 2023
More punitive capital treatment of commercial real estate under Basel III could prove to be a boon for CMBS issuance.
Fitch Leads in MBS Ratings, Closes in on S&P in ABS
November 30, 2023
The red-hot vehicle ABS market saw intense competition between S&P and Fitch for ratings supremacy. Kroll rode the resurgent ECM MBS market to boost its share of rated issuance. (Includes two data tables.)

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
FHA Gains Share in Key Sector: First-Time Buyers
UWM was the top originator of purchase loans for the first nine months of 2023, while Rocket held the lead in refinance lending. The FHA saw a rising share of purchase loans sold to the agencies in the third quarter. (Includes four data tables.)
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
Mortgage REITs Boost MBS Holdings With Agency Gains
Annaly Capital Management remained the biggest REIT investor in the MBS market, but AGNC Investment gained a lot of ground in the third quarter. (Includes two data tables.)
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)?