July 19, 2018

Latest from Inside Mortgage Finance

Secondary market activity by banks was down sharply in the first quarter.

Read more in Inside Mortgage Trends.

Strong Home-Purchase Market Buoys Primary Insurance Activity in 2Q18, but Borrower Leverage Creeps Higher

The seasonal surge in housing sales produced a strong increase in primary mortgage insurance activity during the second quarter, especially for private MIs, according to an Inside Mortgage Finance ranking and analysis.

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Lenders Look to CFPB for Flexibility on Setting LO Comp while Trying to Reduce Production Expenses

The Consumer Financial Protection Bureau should adjust loan originator compensation rules to provide lenders with some flexibility, according to mortgage industry participants.

Backed by Blackstone, Stearns Lending Quietly Pursuing More Acquisitions. As for the Targets…

As the outlook for originations – especially refis – continues to worsen, more nonbank mortgage firms may consider selling out to larger competitors later this year, according to interviews conducted by Inside Mortgage Finance.

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Inside The GSEs

Nonbanks Continue Gaining Share In GSE Servicing Business in 2Q18

Although a number of large banks have recently shown more interest in the secondary market for mortgage servicing rights, there is no sign that the migration toward nonbanks is ending. A new Inside The GSEs analysis of mortgage-backed securities data shows that independent mortgage bankers increased their holdings of Fannie Mae and Freddie Mac MSR by 2.0 percent from the first to the second quarter of 2018. Depository institutions recorded an 0.5 percent decline in GSE servicing rights over the same period. Most of the bank shrinkage came from the four institutions with over $1 trillion in total assets. Although Wells Fargo, JPMorgan Chase, Bank of America and Citigroup still held a whopping...

Inside MBS & ABS

Non-Agency MBS Issuance Up Smartly in 2Q18 as Deals Backed by New Loans Hit Post-Crisis High

The non-agency MBS market had arguably its best quarter since the financial crisis during the April-May production cycle, generating $20.72 billion of new securities, according to a new analysis and ranking by Inside MBS & ABS.

Inside Mortgage Trends

First-Time Buyers Help Boost 2Q18 Agency MBS Volume, Conforming Jumbo Slumped

Fannie Mae, Freddie Mac and Ginnie Mae saw a somewhat sedated increase in single-family mortgage-backed security issuance during the second quarter. The trends closely tracked forecasts. Agency purchase-mortgage business was up a solid 24.5 percent from the first quarter, boosting the 2018 market slightly ahead of where it was at the midway point last year. And refinance activity continued to tumble, dropping 21.3 percent from the first quarter to just ... [Includes two data charts]

Inside Nonconforming Markets

Non-Agency MBS Issuance Backed by New Production Hits Another Quarterly Record

Issuance of non-agency mortgage-backed securities reached a third straight post-crisis quarterly record during the recently completed April-June cycle, according to a new ranking and analysis by Inside Nonconforming Markets. A total of $10.03 billion of non-agency MBS backed by new jumbo and expanded-credt originations was issued in the second quarter. The previous quarterly record was $6.28 billion in the first quarter of 2018. And in ... [Includes one data chart]

Inside FHA/VA Lending

Seasonal Factors Boost Ginnie Mae MBS Issuance in Second Quarter

The spring homebuying season fueled a relatively modest increase in production of Ginnie Mae single-family mortgage-backed securities during the second quarter of 2018, according to a new Inside FHA/VA Lending ranking and analysis. Lenders issued $98.66 billion of Ginnie MBS backed by forward mortgages during the April-May cycle. That was up 6.6 percent from the first three months of the year, but 2018 continued to lag behind the pace set in 2017 by 10.7 percent. Given current trends, annual Ginnie MBS issuance in 2018 could fall short of the $400 billion mark for the first time since 2014. The flow of FHA and VA purchase mortgages was up a solid 23.7 percent from the first to the second quarter, bringing the total for the first half of the year to $121.01 billion. However, that was down 4.7 percent from the same period in 2017. Ginnie securitized $75.02 billion of FHA purchase loans in the ... [Charts]

Inside the CFPB

CFPB Closes Investigation of Zillow: Another Industry Win on RESPA?

The CFPB recently dropped its RESPA-related investigation of Zillow, deciding not to bring enforcement charges against the online real estate database firm, according to a new public filing. At issue was Zillow’s co-marketing program, which allows real estate agents and lenders to advertise together on the firm’s website. As part of the launch, Zillow had boasted that its “premier agents” can invite lenders to share marketing costs. “Lenders get featured next to the agents on Zillow ...

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With mortgage production down noticeably this year from 2017, how many lenders might disappear via M&A or failure during the next 12 months?

10% or less. It’s not that bad out there.
11% to 25%. It’s a challenging market.
25% to 40%. It’s going to be very ugly.
No opinion.

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