While CMBS issuance was down overall, there were a few pockets of strength in the non-agency sector. Agency multifamily MBS issuance tumbled 16% from the fourth quarter. (Includes two data charts.)
New primary MI coverage on refinance loans fell sharply in the first quarter. Purchase MI business saw a somewhat softer landing as the mortgage market nosedived. (Includes three data charts.)
With refinance activity plummeting, lenders with concentrations of purchase loans were more likely to see their agency sales increase in April. Total agency MBS issuance fell 11% from March. (Includes two data charts.)
An active secondary market in agency servicing rights helped a number of second-tier nonbanks build their owned servicing portfolios significantly in the first quarter. (Includes three data charts.)
Complaints filed with the CFPB saw sharp sequential increases across all categories in the first quarter. However, gripes related to mortgages, debt collection and money transfers declined on an annual basis. (Includes two data charts.)
Bulk MSR transfers were down in the first quarter, with a number of pending deals yet to close. Coissuance saw a boost in its share of agency securitization. (Includes three data charts.)
Expanded-credit mortgage was the only product line to show any growth in the first quarter of 2022, and more lenders are sizing it up as agency and jumbo markets wilt. (Includes two data charts.)
FHA premium cuts are being closely analyzed by HUD while FHFA and Treasury have had no talks about reforming the GSEs through the PSPAs. MBA also pressed FHFA on LLPA changes for conforming jumbos and mortgages for second homes.
Most bank holdings of residential MBS are in available-for-sale accounts that require fair-value accounting, which led to a rare decline in the industry's portfolio in the first quarter. (Includes two data charts.)
Ginnie and FHFA are working together to set capital and liquidity requirements for nonbanks. Separately, Ginnie is working to allow for changes at the loan level and FHFA is considering reforms involving the Federal Home Loan Banks.
The Mortgage Bankers Association has asked the SEC to review the margin requirements in Rule 4210, arguing that lenders use to-be-announced securities to hedge their interest rate exposure rather than for speculation purposes.
The decline in jumbo production in the first quarter largely tracked the overall drop in mortgage originations. Many banks kept their underwriting standards for the loans unchanged while demand decreased. (Includes data chart.)
A handful of real estate investment trusts acquired non-QMs at a discount as interest rates increased during the first quarter. Lenders selling the loans took some losses but appear to have weathered the storm.
Trends varied among the largest servicers of jumbo mortgages in the first quarter. Portfolios increased overall while the top two jumbo servicers reduced their portfolios. (Includes data chart.)
MFA Financial took a large loss in the first quarter as rising interest rates reduced the value of non-QMs on the REIT’s balance sheet. Lima One, a business-purpose lender now owned by MFA, was a bright spot.
Mortgage earnings among a group of 22 banks declined by 12% on a sequential basis in the first quarter of 2022. The downward movement was anything but uniform, with some banks posting large swings up and down. The movements were largely driven by interest rate trends. (Includes data chart.)
Owning mortgage servicing rights proved to be a great counter-hedge to an ugly origination market in the first quarter. At least two nonbanks benefited: Mr. Cooper and New Residential Investment.
Delinquency rates declined across the board at Fannie Mae, Freddie Mac and Ginnie Mae in the first quarter of 2022. The only category of loans to report higher defaults was FHA loans 120 days past due. (Includes data chart.)
Julia Gordon, who finally received Senate confirmation this week after being nominated in June of last year, will face increasing pressure to cut mortgage insurance premiums.
The government housing agencies have updated their frequently-asked-questions pages to assist servicers handling borrowers whose applications for relief under the Homeowner Assistance Fund are pending.
The slowing pace of delinquencies helped mitigate the impact of a reduction in new private mortgage insurance policies written as mortgage originations slowed.
Mortgage earnings among a group of 22 banks declined by 12% on a sequential basis in the first quarter of 2022. The downward movement was anything but uniform, with some banks posting large swings up and down. The movements were largely driven by interest rate trends. (Includes data chart.)
Expanded-credit mortgage was the only product line to show any growth in the first quarter of 2022, and more lenders are sizing it up as agency and jumbo markets wilt. (Includes two data charts.)
The decline in jumbo production in the first quarter largely tracked the overall drop in mortgage originations. Many banks kept their underwriting standards for the loans unchanged while demand decreased. (Includes data chart.)
Most bank holdings of residential MBS are in available-for-sale accounts that require fair-value accounting, which led to a rare decline in the industry's portfolio in the first quarter. (Includes two data charts.)
Complaints filed with the CFPB saw sharp sequential increases across all categories in the first quarter. However, gripes related to mortgages, debt collection and money transfers declined on an annual basis. (Includes two data charts.)
Volume declined at all of the top 10 GSE sellers in April, both sequentially and year-to-date. Purchase mortgages outnumbered refinancings for the first time since September 2019. (Includes two data charts.)
Volume declined at all of the top 10 GSE sellers in April, both sequentially and year-to-date. Purchase mortgages outnumbered refinancings for the first time since September 2019. (Includes two data charts.)
The GSEs’ latest SEC filings reveal a combined capital shortfall of $359 billion at the end of the first quarter. But combined earnings were a healthy $8.21 billion for the quarter. (Includes data chart.)