“Against this backdrop of diverging economic and monetary policy outlooks, fixed-income markets became more cautious and intra-quarter volatility increased,” said Peter Federico, president and CEO of AGNC.
Nearly all of the top 30 GSE sellers managed to increase deliveries to the enterprises in the second quarter, helping drive a 33.1% sequential bump in sales. Even so, year-to-date deliveries were down slightly. (Includes two data tables.)
Purchase mortgages continued to dominate deliveries to the GSEs in the second quarter and the share of purchase mortgages with credit scores of 740 or above increased compared with the first quarter. (Includes two data tables.)
Primary MI lost market share in the agency market in the second quarter in both purchase mortgages and refis. Among loans in agency MBS with some form of MI, three states combined to account for slightly more than 30% of total volume in the second quarter. (Includes two data tables.)
Much of the second-quarter gain came from NPL/RPL and home equity securitizations. Prime MBS issuance in the first half was up three-fold from last year, while ECM production was up 32.7%. (Includes data tables.)
Heavy bulk MSR sales volume helped several top nonbanks grow their agency servicing portfolios in the second quarter. Most of the top banks watched their agency servicing decline. (Includes two data tables.)
An uptick in securitization of jumbo and GSE-eligible loans helped increase total non-agency MBS issuance in the second quarter. (Includes data tables.)
Mortgage production at the midway point was up a scant 4.1% compared with the first half of 2023. Originations increased sharply on a sequential basis in the second quarter due to a seasonal trend. (Includes two data tables.)
With Kamala Harris now the frontrunner to replace Joe Biden as the Democratic nominee, industry experts ponder how closely her housing strategy might mirror that of the current administration.
Vehicle-financing securitizations continued to dominate ABS issuance in the second quarter, although volume fell 9% from the first three months of the year. Business ABS issuance almost made up the difference. (Includes three data tables.)
Non-agency securitization involving home equity increased by 39.3% in the second quarter even as some big players pulled back. Issuers that weren’t active in the first quarter helped fill the void. (Includes two data tables.)
Two large REIT investors in agency MBS incurred losses in the second quarter, due to interest rate volatility and an unaccommodating monetary policy stance. Still, they are optimistic about the future.
A rise in securitization of expanded-credit mortgages from Annaly Capital Management and Invictus Capital Partners helped the ECM securities market grow in the second quarter. (Includes three data tables.)
Mr. Cooper was the top buyer of bulk agency MSR packages, with a huge chunk of it coming from United Wholesale Mortgage. Coissuance activity also increased. (Includes three data tables.)
Loan performance deteriorated across most late-payment categories in the agency mortgage-backed securities market in the second quarter. However, delinquency rates remained lower than six months ago. (Includes data table.)
A lack of financial sophistication leads borrowers to overpay for a mortgage, according to new research. Analysts at the Urban Institute suggest that federal agencies could help address the issue.
Mortgage lenders must monitor the insurance landscape and inform their loan officers on the topic given that insurance costs help determine a borrower’s monthly escrow obligations.
The performance of government-insured mortgages declined slightly in the second quarter of 2024, according to a new Inside FHA/VA Lending analysis of Ginnie Mae servicing disclosures. (Includes four data tables.)
The lender is offering a temporary 125-basis-point incentive on VA Interest Rate Reduction Refinance Loans and non-credit-qualifying FHA streamline loans.
HUD has increased the total rehabilitation costs that can be financed under FHA’s limited 203(k) program and extended the allowable time for rehab and repair work to be completed.
Mr. Cooper was the top buyer of bulk agency MSR packages, with a huge chunk of it coming from United Wholesale Mortgage. Coissuance activity also increased. (Includes three data tables.)
Mortgage production at the midway point was up a scant 4.1% compared with the first half of 2023. Originations increased sharply on a sequential basis in the second quarter due to a seasonal trend. (Includes two data tables.)
A rise in securitization of expanded-credit mortgages from Annaly Capital Management and Invictus Capital Partners helped the ECM securities market grow in the second quarter. (Includes three data tables.)
Vehicle-financing securitizations continued to dominate ABS issuance in the second quarter, although volume fell 9% from the first three months of the year. Business ABS issuance almost made up the difference. (Includes three data tables.)
Chase remains the largest servicer of GSE loans at the halfway mark this year, but a 16.4% surge in volume at Mr. Cooper Group, the number two GSE servicer, cut deeply into Chase’s lead. (Includes two data tables.)
The performance of government-insured mortgages declined slightly in the second quarter of 2024, according to a new Inside FHA/VA Lending analysis of Ginnie Mae servicing disclosures. (Includes four data tables.)
Chase remains the largest servicer of GSE loans at the halfway mark this year, but a 16.4% surge in volume at Mr. Cooper Group, the number two GSE servicer, cut deeply into Chase’s lead. (Includes two data tables.)
The Federal Home Loan Banks as well as credit unions argue the FHLBanks’ mission was established by Congress, so only Congress can change it. Consumer advocates, meanwhile, are happy with the Federal Housing Finance Agency’s effort to redefine the mission.