Consumer gripes filed with the CFPB increased 15.5% from the first to the second quarter, according to a new analysis. Complaints about credit reports accounted for more than three-fourths of the total. (Includes two data charts.)
The gap in GSE servicing volume between Chase Home Finance and Wells Fargo continued to narrow in the second quarter of 2022. (Includes two data charts.)
Lenders that do business with Fannie Mae and Freddie Mac continued to deliver more mortgages with lower credit scores and higher loan-to-value ratios in the second quarter. (Includes two data charts.)
Agency single-family MBS issuance fell 7.3% from June to July, including a disappointing slowdown in the flow of purchase-money loans. Issuance of GSE Supers fell sharply as neither Fannie nor Freddie issued any commingled deals. (Includes two data charts.)
The top five servicers saw almost no growth in their combined owned servicing during the second quarter. But a number of companies in lower tiers posted big gains. (Includes three data charts.)
Delinquency rates on FHA and VA loans pooled in Ginnie Mae MBS increased in the second quarter of 2022. Most of the spike was on the FHA side. (Includes four data charts.)
For the first time since 2007, private MIs accounted for over half of new insured mortgage originations thanks to surging purchase-mortgage business in the second quarter. FHA and VA were hit much harder by the nosedive in refinance activity. (Includes three data charts.)
After cutting interest rates on its products in late June, UWM expects its gain on sale to decline from 99 bps in the first half of this year to as low as 30 bps in the third quarter.
While key sectors in the non-agency CMBS market faltered in the second quarter, retail and hospitality both saw hefty gains in securitization volume. The GSEs upped their issuance of multifamily MBS, but Ginnie production was down. (Includes two data charts.)
There’s nowhere to hide for non-agency MBS issuers as quickly rising interest rates prompt losses. Loans the issuers are looking to sell have seen limited demand and lose value when retained even short-term.
Fannie and Freddie issued a combined $17.57 billion in CAS and STACR certificates in the first half of 2022, more than in any full year since CRT was invented. (Includes data chart.)
While credit unions will be treated on par with banks, state housing finance agencies will be fully exempted from capital requirements imposed on those participating in the Ginnie MBS program.
The traditional leaders of contributions to expanded-credit MBS slowed their activity in the second quarter, with smaller entities filling some of the void. The types of loans going into MBS also shifted somewhat. (Includes three data charts.)
Redwood’s jumbo acquisition volume declined by more than 40% in the second quarter and the REIT took a loss on its residential activities. Officials at Redwood said the company is well-positioned moving forward.
Annaly is seeing strong returns from its aggregation and sales of non-agency mortgages even with weak demand in the secondary market. The REIT boosted its non-agency MBS issuance with plans for further growth.
MFA Financial took another loss in the second quarter as its holdings of non-QMs lost value and MBS with the loans was met with weak demand. The nonbank’s business-purpose lending unit also took a loss.
Publicly traded nonbank mortgage lenders posted sharply lower profits in the second quarter as strong competition cut into margins. Two firms managed to increase mortgage-related income: homebuilders. (Includes data chart.)
The overall delinquency rate in agency MBS inched up to 1.97% at the end of June. All of the increase in late payments was seen in the Ginnie Mae program. (Includes data chart.)
It’s been a bit quiet on the mortgage company M&A front the past few months, but a few deals are getting done, including Two Harbors agreeing to buy RoundPoint Mortgage.
A bill brought by Democrats that would allow consumers to require the consideration of alternative data such as rent and utility payments in underwriting their mortgage recently cleared the House Financial Services Committee.
An increase in purchase mortgages wasn’t enough to offset ongoing declines in refi volume, pushing issuance of Ginnie MBS down 2.9% in July compared with June. (Includes two data charts.)
Private mortgage insurance companies are raising premiums on a targeted basis, in part so they can better manage risk in an increasingly volatile economy.
Changes in the housing market and economic outlook could impact how FHA officials consider whether, when and how to make changes to FHA’s mortgage insurance premium.
The Senate last week approved $70 billion in budgetary resources for the Department of Housing and Urban Development as part of its fiscal 2023 appropriations package.
Publicly traded nonbank mortgage lenders posted sharply lower profits in the second quarter as strong competition cut into margins. Two firms managed to increase mortgage-related income: homebuilders. (Includes data chart.)
For the first time since 2007, private MIs accounted for over half of new insured mortgage originations thanks to surging purchase-mortgage business in the second quarter. FHA and VA were hit much harder by the nosedive in refinance activity. (Includes three data charts.)
The traditional leaders of contributions to expanded-credit MBS slowed their activity in the second quarter, with smaller entities filling some of the void. The types of loans going into MBS also shifted somewhat. (Includes three data charts.)
While key sectors in the non-agency CMBS market faltered in the second quarter, retail and hospitality both saw hefty gains in securitization volume. The GSEs upped their issuance of multifamily MBS, but Ginnie production was down. (Includes two data charts.)
Complaints to the CFPB about mortgages decreased in the second quarter, with gripes tied to originations slowing faster than servicing issues. Mr. Cooper remained the mortgage company with the most complaints. (Includes two data charts.)
An increase in purchase mortgages wasn’t enough to offset ongoing declines in refi volume, pushing issuance of Ginnie MBS down 2.9% in July compared with June. (Includes two data charts.)