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What We’re Hearing: The Top Gainer (So Far): PRMG / Red Hot: VA Refis / I Lost How Much by Investing in Fannie and Freddie? / GSE Reform, Trump and Calabria / A Mnuchin Rift? / At the Finish Line: the NAR Plan?
July 19, 2019
Back in early June, the share price of Fannie/Freddie common was rallying, reaching $3.16 (for the former) and $3.07 for the latter. If you had bought in at those prices, today you’d be looking at losses of 23.1% and 24.7%, respectively.
The Final Tally: A Small Gain for Non-Agency MBS in 2Q19
July 19, 2019
Even with a weakened S&D market, FirstKey Mortgage was the top issuer of non-agency MBS at the midway point in 2019.
FDIC Proposes Rules to Aid Securitization by Banks
July 19, 2019
“The proposal we are considering would remove one potential obstacle IDIs [independent depository institutions] face in providing mortgage credit to homeowners,” said FDIC Chairman Jelena McWilliams.
Judge Orders Delay of HUD’s Downpayment Assistance Rule
July 19, 2019
Like many other governmental housing agencies, CBC provides downpayment assistance through the Chenoa Fund to first-time homebuyers seeking to purchase a home with FHA financing.

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Ginnie Mae Issuance
GNMA MBS Issuance Firing on All Cylinders in 2Q19
Robust homebuying activity brought a huge increase in purchase mortgages into the Ginnie Mae MBS program in the second quarter. Rate-term refinance activity was up sharply.
Expanded Credit
Expanded-Credit MBS Issuance Slows in 2Q18
Issuance of expanded-credit MBS slowed somewhat in the second quarter but volume through the first half of the year more than doubled that seen in the first half of 2018. The sector remains hotter than the prime non-agency MBS market.
Issuance
Refi Wave Helps Lift Agency Single-Family Volume in 2Q19
Ginnie Mae saw a huge increase in rate-term refinance business, but the cash-out market also gained ground. Freddie led its rivals in attracting more first-time buyer business.
Inside MBS & ABS
New MBS and ABS Issuance Rebounds Strongly in 2Q19
Volume rose sharply from the first quarter in the major product categories, although the non-agency MBS market was soft.
Agency MBS
Agency Single-Family Mortgage Business Surges in 2Q19
Issuance of agency MBS during April-June rose 43% from the first quarter of the year, with gains posted across the board. Combined issuance by Fan-nie Mae, Freddie Mac and Ginnie Mae hit $330.65 billion.
Sales
Nonbank Footprint in GSE Market Continues Growing
Nonbanks have increased their role in the selling and servicing of Fannie/Freddie mortgages. Nonbanks also sell somewhat riskier loans for which the GSEs are paid higher guarantee fees.

Inside Mortgage Finance

Private MIs Regain Share in Agency MBS During 2Q19
Private MI captured 48.3% of insured purchase loans sold to Fannie, Freddie and Ginnie during the second quarter. Deliveries of VA loans spiked 55.5% higher from the first quarter.
Push for LO Compensation Change Gets CFPB’s attention
The Mortgage Bankers Association is making headway on getting the CFPB to change its loan originator compensation rules. But how far will the bureau go?
- Highest Paid Mortgage CEO Last Year: Doug Lebda
- New GSE Capital Rules? (Not Until December)
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Inside MBS & ABS

Non-Agency MBS Buoyed by Seasoned Collateral in 2Q19
July 18, 2019
Non-agency MBS backed by seasoned collateral, mostly nonperforming and re-performing loans, accounted for 54.3% of new issuance in the second quarter. Securitization of newly originated loans slipped 13.5% from the previous period.
Ginnie to Allow Financing of Servicing Advances
July 18, 2019
In a bid to boost liquidity for issuers, especially nonbank players, Ginnie Mae by yearend will allow financing of servicing advances.
Angel Oak Executive Says Non-QM Potential is Underestimated
July 18, 2019
Bullish signs abound for non-QM securitizations. Top-ranked lenders Angel and Citadel Servicing Corp. are coming off record originations for 2Q19. Angel Oak believes the market is underestimated.
Rulemaking Proposed to Ease Securitization Safe Harbor Rule
July 18, 2019
The Federal Deposit Insurance Corp. plans to ease disclosure requirements for privately placed residential MBS under a rule guaranteeing the agency won’t reclaim securitization assets upon a bank’s failure.

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Inside Nonconforming Markets

WAMCO Leads Crop of Expanded-Credit MBS
July 19, 2019
Issuance of expanded-credit MBS is set for a strong start in the third quarter. Presale reports for eight deals were published in the past two weeks, including the second-largest post-crisis issuance.
Expanded-Credit MBS Underwriting Standards Level in 2Q
July 19, 2019
Average credit scores, DTI ratios and LTV ratios are staying relatively steady as expanded-credit MBS issuance booms. Lenders are putting more emphasis on underwriting based on alternative documentation.
FDIC Rule Could Boost Non-Agency MBS Issuance
July 19, 2019
The FDIC has proposed a rule that would ease disclosure requirements for banks issuing non-agency MBS.
Lenders Weigh in on Getting LOs to Offer Non-QMs
July 19, 2019
A number of correspondent aggregators at a recent conference provided tips on how to convince loan originators to offer non-QMs.

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Videos

Inside Mortgage Trends

Wholesale-Broker Share of Agency Market Up in 2Q19
July 12, 2019
Mortgage brokers accounted for a record 14.8% of single-family business in the agency MBS market during the second quarter. Credit trends suggest sellers may have focused on the low-hanging fruit as production volume ramped up significantly.
California Top Market for Mortgage Insurance in 2Q19
July 12, 2019
California remained the largest source of insured home loans securitized by Fannie, Freddie and Ginnie in the second quarter, and it had relatively large concentrations of FHA and VA mortgages.
Interest Rates Remain Low but Mortgage Hiring Tepid
July 12, 2019
Originations are strong in many markets but hiring by mortgage banking firms is not particularly robust. Meanwhile, some executives wonder privately whether the rate rally is getting long in the tooth.
Liquidity a Better Predictor of Default than LTV, DTI
July 12, 2019
A borrower’s liquidity situation seems to be a better indicator of potential default than LTV or DTI ratios, according to the JPMorgan Chase Institute. The institute suggests that the use of emergency mortgage reserve accounts could help alter the DTI ratio standards for qualified mortgages.

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Inside FHA/VA Lending

Late-Payment Rates Climb Higher for FHA/VA in 2Q19
Most of the increase in FHA/VA delinquencies came in early-stage defaults as the share of loans over 90 days late declined. The Ginnie servicing market grew 1.4% in the second quarter.
Changes Sought to FHA Certification, Defect Taxonomy
Trade groups are asking HUD to eliminate the FHA certifications entirely or replace them with language indicating a lender acknowledges key FHA requirements based on loan eligibility.
Ginnie Mae to Allow Financing of Servicing Advances
In a bid to boost liquidity for issuers, especially nonbank players, Ginnie Mae by yearend will allow financing of servicing advances.
GAO Finds FHA’s Property Conveyance Process Flawed
Despite FHA’s efforts to improve processes, the GAO said it still takes unnecessarily long for servicers to transfer foreclosed properties.

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Premium Newsletter Content

Inside Mortgage Trends
Wholesale-Broker Share of Agency Market Up in 2Q19
Mortgage brokers accounted for a record 14.8% of single-family business in the agency MBS market during the second quarter. Credit trends suggest sellers may have focused on the low-hanging fruit as production volume ramped up significantly.
Inside Mortgage Finance
Private MIs Regain Share in Agency MBS During 2Q19
Private MI captured 48.3% of insured purchase loans sold to Fannie, Freddie and Ginnie during the second quarter. Deliveries of VA loans spiked 55.5% higher from the first quarter.
Inside Nonconforming Markets
WAMCO Leads Crop of Expanded-Credit MBS
Issuance of expanded-credit MBS is set for a strong start in the third quarter. Presale reports for eight deals were published in the past two weeks, including the second-largest post-crisis issuance.
Inside MBS & ABS
Non-Agency MBS Buoyed by Seasoned Collateral in 2Q19
Non-agency MBS backed by seasoned collateral, mostly nonperforming and re-performing loans, accounted for 54.3% of new issuance in the second quarter. Securitization of newly originated loans slipped 13.5% from the previous period.
Inside the CFPB
Shift in Enforcement Activity Under Kraninger
There has been a huge decline in enforcement actions and civil money penalties imposed by the CFPB in the first six months of 2019. What does this say about the bureau’s enforcement trend?
Inside The GSEs
Freddie Gains Share in 2Q19, Especially with Depositories
Freddie Mac saw its share of new MBS issuance climb to 48.5% in the second quarter, though heavy lender sales of seasoned loans accounted for some of the gain.
Inside FHA/VA Lending
Late-Payment Rates Climb Higher for FHA/VA in 2Q19
Most of the increase in FHA/VA delinquencies came in early-stage defaults as the share of loans over 90 days late declined. The Ginnie servicing market grew 1.4% in the second quarter.

Inside The GSEs

Freddie Gains Share in 2Q19, Especially with Depositories
Freddie Mac saw its share of new MBS issuance climb to 48.5% in the second quarter, though heavy lender sales of seasoned loans accounted for some of the gain.
FHFA Reverses Course on the For-Cause Provision
Director Mark Calabria’s decision to reverse former acting Director Joseph Otting’s reversal of a Mel Watt-era decision to defend the constitutionality of the FHFA structure catches GSE observers by surprise.
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