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Latest News

  • Investment Properties Dominate 4Q EC MBS Issuance

    January 30, 2023
    Bottom line: Investment-property loans were a bright spot, accounting for nearly 60% of expanded-credit MBS...
  • As Rates Rise, VA's Streamlined Refi Program Slides Into Irrelevance

    January 30, 2023
    Only 23 lenders completed IRRRL endorsements in the final three months of 2022.
  • Reduced Opportunities in Ginnie EBOs

    January 30, 2023
    Aided by cheap money and ultra-low mortgage rates, Ginnie EBOs could pad quarterly earnings...
  • A New Permanent CEO for Nation's Largest Subservicer

    January 30, 2023
    Daras worked for Cenlar from 1985 to 1990 before departing as CFO to join Dime Bancorp.
More Latest News

Latest Data

  • Top Mortgage Originators: 12M22 (PDF)

  • Top Players in Bulk Agency MSR Transfers: 12M22 (PDF)

  • Top HECM MBS Issuers: 12M2022 (PDF)

  • GSE Risk Distribution: 2014-4Q22 (PDF)

  • Top Firms in Owned Mortgage Servicing: 3Q22 (PDF)

  • Warehouse Lenders Ranked by Commitment: 3Q22 (PDF)

  • Top Primary Mortgage Servicers: 3Q22 (PDF)

More Latest Data

Latest Reports

  • GSE Repurchase Activity: Cumulative to Second Quarter 2022 (PDF Format)

  • Top Mortgage Players 3Q22 (PDF Format)

  • Agency Channel Analysis: 3Q22 (PDF)

  • IMF HMDA Dashboard: 2021

  • Lender Profiles 3Q22: Top 25 (PDF)

  • Mortgage Profitability Report 3Q22 (PDF)

  • Agency Seller-Issuer Profile: 3Q22 (PDF)

  • IMF Mortgage Directory: Full interactive database

More Latest Reports

Featured Data

  • Ginnie Mae Issuance

    PennyMac Leads Ginnie Issuers as Bottom Falls Out

    PennyMac led all categories in Ginnie Mae issuance as the downward trend continued in the sector, which produced its most disappointing results in three years. (Includes five data charts.)
  • Expanded Credit

    Non-Agency MBS Issuance Fizzles in Fourth Quarter

    Expanded-credit MBS issuance declined by nearly 50% in the fourth quarter compared with the previous quarter. Prime MBS issuance fared even worse, essentially freezing during the final months of the year. (Includes data chart.)
  • ABS

    ABS Issuance Thumped in 4Q22 but Rebound Ahead

    The key vehicle ABS sector took a big hit in the fourth quarter but still accounted for over 40% of total ABS issuance last year. Analysts say market fundamentals are moving in the right direction. (Includes two data charts.)
  • Mortgage Insurance

    PMI Volume Hammered in 4Q22 as FHA Gained Share

    Average loan sizes generally declined in the agency market last year. But rising mortgage rates pushed agency DTI ratios higher as the year went on. (Includes three data charts.)
  • Sales

    GSE Purchases Continue to Plummet in Fourth Quarter

    Only two major mortgage lenders — PennyMac and CitiMortgage — managed to deliver more loans to Fannie Mae and Freddie Mac in the fourth quarter than in the third. (Includes two data charts.)
  • Characteristics

    Lenders Maintain Standards Despite Falling Volume

    Underwriting standards tend to deteriorate in dire circumstances, but GSE sellers appeared to avoid taking excessive risk as 2022 wound down even as sales volumes plummeted. (Includes two data charts.)

Inside Mortgage Finance

  • Mortgage Lending Still in Collapse Mode at 2022 Finish Line

    Primary-market originations of first-lien home loans fell to $335 billion in the final three months of last year — the lowest output since the second quarter of 2014. All major lenders saw volume decline. (Includes two data charts.)
  • Good Times for MSR Holders Could be Coming to an End

    Bids for MSRs are declining, prompting worries among some sellers. Those holding servicing also face the possibility of an increase in delinquencies and advancing responsibilities.
    • The MSR ‘Markup’ Gravy Train Is Over. Now What?

    • Lenders Looking Forward to Better Times This Year

    More Inside Mortgage Finance

Inside MBS & ABS

  • CLO Market Ends 2022 with Modest Decline in Issuance

    January 26, 2023
    Despite a surge in middle-market CLO issuance in the fourth quarter, total production of structured credit deals drifted lower in late 2022. Blackstone was the most active sponsor, while JPMorgan led in CLO underwriting. (Includes two data charts.)
  • FHFA Slashes Commingling Fee; Will It Be Enough?

    January 26, 2023
    Even though the upfront fee Fannie and Freddie impose on commingled securities has been sharply reduced, some industry watchers argue that it has permanently damaged the market for Supers and REMICs.
  • SEC Proposes ABS Conflict of Interest Rule

    January 26, 2023
    The proposed rule is meant to prohibit ABS issuers from engaging in “conflicted transactions” that could influence the deal structure in a way that puts their interests ahead of those of investors.
  • The Ginnie Mae EBO Game: Shrinking Opportunities

    January 26, 2023
    Thanks to rising rates and sagging home values, early buyouts from Ginnie MBS are starting to look long in the tooth. Opportunities are out there, but are not for the faint of heart. (Includes data chart.)
More Inside MBS & ABS

Poll

Sales of bulk mortgage servicing rights are at a fever pitch these days. Has your shop gotten in on the buying frenzy?

View Results

Inside Nonconforming Markets

  • Mix of Expanded-Credit Loans in MBS Shifts in 4Q22

    January 27, 2023
    Investment-property loans gained share in expanded-credit MBS issuance and many of the typical contributors to deals were absent in the fourth quarter. (Includes three data charts.)
  • First Republic Looking to Gain Share in Jumbo Market

    January 27, 2023
    First Republic Bank is working to increase its share of jumbo originations, using a combination of customer service and low interest rates.
  • GSE Business Even More Concentrated in ‘Core’ Products

    January 27, 2023
    Conforming jumbos took the biggest hit in the fourth quarter as the volume of business Fannie Mae and Freddie Mac conduct in various noncore categories decreased.
  • CDFI Proposal Could Impact Non-Agency Players

    January 27, 2023
    Changes are under consideration for determining which firms qualify as community development financial institutions. Under a current proposal, CDFIs would have to follow the CFPB’s ability-to-repay underwriting requirements.
More Inside Nonconforming Markets

Videos

  • Whoswho0821thumb
    Who's Who in Housing August 2021
  • Citizensthumb
    Quick Look at Citizens Bank 2Q20
  • Topplayers1q20th
    IMF Looks at 1Q20

Inside Mortgage Trends

  • Agency MSR Transfers Ease Toward End of Record Year

    January 20, 2023
    More than $1 trillion of agency servicing rights changed hands in 2022. While bulk MSR transfers soared last year, the coissuance market was hammered by the sharp decline in agency business. (Includes three data charts.)
  • Delinquencies on Agency Mortgages Jump in Fourth Quarter

    January 20, 2023
    The delinquency rate on loans in agency MBS increased gradually between March and September, then spiked during the fourth quarter. (Includes data chart.)
  • A Growing Fear: Too Much Servicing for Sale?

    January 20, 2023
    Last year was a barn-burner for MSR sales. But so many nonbanks need to sell this year that too much supply has resulted in weaker pricing. What’s a mortgage banker to do?
  • Profitability a Key Factor as Wells Shrinks Mortgage Operations

    January 20, 2023
    Officials at the bank suggest Wells won’t take much of a hit from the loss of correspondent production. And profitability on the servicing side is expected to improve as the portfolio shrinks.
More Inside Mortgage Trends

Inside FHA/VA Lending

  • Lakeview Takes Top Ginnie Servicer Spot at End of 2022

    Lakeview/Bayview Loan Servicing edged out Freedom Mortgage as the top servicer in the $2.1 trillion GNMA market. FHA delinquencies rose throughout the year, but the VA default rate remained subdued. (Includes four data charts.)
  • GSE Pricing Changes May Impact FHA Lending

    By targeting price cuts at low-FICO score and high-LTV borrowers, the new pricing grids of Fannie Mae and Freddie Mac could increase market overlap with FHA.
  • IRRRL Continues to Slide to Irrelevance in Late 2022

    Only 23 lenders made streamlined VA refinance loans during the fourth quarter of 2022 as high interest rates have made the program nearly useless for veterans.
  • Ginnie Willing to Work with Struggling Lenders

    One of the keys for lenders facing financial difficulties is to communicate early and often with Ginnie Mae, according to the agency’s chief risk officer.
More Inside FHA/VA Lending

Premium Newsletter Content

  • Inside Mortgage Trends

    Agency MSR Transfers Ease Toward End of Record Year

    More than $1 trillion of agency servicing rights changed hands in 2022. While bulk MSR transfers soared last year, the coissuance market was hammered by the sharp decline in agency business. (Includes three data charts.)
  • Inside Mortgage Finance

    Mortgage Lending Still in Collapse Mode at 2022 Finish Line

    Primary-market originations of first-lien home loans fell to $335 billion in the final three months of last year — the lowest output since the second quarter of 2014. All major lenders saw volume decline. (Includes two data charts.)
  • Inside Nonconforming Markets

    Mix of Expanded-Credit Loans in MBS Shifts in 4Q22

    Investment-property loans gained share in expanded-credit MBS issuance and many of the typical contributors to deals were absent in the fourth quarter. (Includes three data charts.)
  • Inside MBS & ABS

    CLO Market Ends 2022 with Modest Decline in Issuance

    Despite a surge in middle-market CLO issuance in the fourth quarter, total production of structured credit deals drifted lower in late 2022. Blackstone was the most active sponsor, while JPMorgan led in CLO underwriting. (Includes two data charts.)
  • Inside the CFPB

    Consumers Filed Fewer Mortgage-Related Complaints in 2022

    The CFPB received fewer complaints from consumers about mortgages in 2022. Criticisms about loan modifications inched up 1.5% on an annual basis, despite a 6.1% drop from the third to the fourth quarter. (Includes two data charts.)
  • Inside The GSEs

    Depositories Gain Some Share in GSE Servicing

    The nonbank share of GSE servicing peaked early in 2022. Later in the year, large banks regained some share. (Includes two data charts.)
  • Inside FHA/VA Lending

    Lakeview Takes Top Ginnie Servicer Spot at End of 2022

    Lakeview/Bayview Loan Servicing edged out Freedom Mortgage as the top servicer in the $2.1 trillion GNMA market. FHA delinquencies rose throughout the year, but the VA default rate remained subdued. (Includes four data charts.)

Inside The GSEs

  • Depositories Gain Some Share in GSE Servicing

    The nonbank share of GSE servicing peaked early in 2022. Later in the year, large banks regained some share. (Includes two data charts.)
  • FHFA Updates GSE Pricing Framework

    The new pricing matrices for Fannie and Freddie may create modest net increases in the cost of a mortgage, but FHFA says that will support more lending for low-income borrowers.
    • Regulator Slashes Fee on Commingled Securities

    • GSEs Must Confirm MSR Valuations of Seller/Servicers

    • Capital Rule Caps Benefits of Rental Payment History UW

    More Inside The GSEs
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