Fannie Mae and Freddie Mac accounted for 44.1% of all mortgage originations in 2023, compared with 48.6% in 2022 and more than 58% in both 2021 and 2020.
With barely any refinance activity, the seasonal housing slowdown showed overcapacity in production platforms that squashed profitability. (Includes data table.)
Banks and thrifts continued to report a decline in originations through their retail mortgage platforms in 2023. Cornerstone Capital Bank was the top bank retail mortgage lender in the fourth quarter.
Commercial banks posted a surprising increase in MBS holdings during the fourth quarter, while foreign investors, money managers, life insurers and credit unions also grew their portfolios. (Includes three data tables.)
The biggest growth in the mortgage market during the fourth quarter was in home equity loans. Ginnie Mae continued as drum major in the MBS market. (Includes three data tables.)
Originations of home equity loans declined in the fourth quarter as interest rates increased. Though HELOCs still dominate home equity production, closed-end second liens gained share in 2023. (Includes three data tables.)
The National Association of Realtors’ recent settlement could prompt a decline in the commission of a homebuyer’s real estate agent. The change could put pressure on both homebuyers and lenders.
Bank holding companies reported a solid 5.0% increase in agency MBS held in trading accounts during the fourth quarter. But non-agency MBS and non-mortgage ABS holdings were down. (Includes two data tables.)
The securitization rate for residential mortgages increased each quarter in 2023. Though on an annual basis, the rate was steady. (Includes data table.)
The Fed could start cutting rates in June, according to projections by industry analysts. The Fed is also moving toward slowing the runoff of its holdings of Treasury securities and MBS.
Banks are reducing their appetite for mortgages, providing opportunities for nonbanks to boost their investment in the mortgage market. Redwood Trust looks to be leading the way in terms of bank partnerships.
Increased jumbo production from UWM helped boost broker originations, while Wells Fargo’s exit from correspondent lending hurt that channel’s market share as other lenders didn’t pick up the slack. (Includes data table.)
Ellington Financial, MFA Financial and AG Mortgage Investment Trust boosted net income in the fourth quarter and expect to see strong performance this year.
The retail channel lost some ground across all three loan product categories. In the conventional-conforming market, the retail share went from 38.8% in the third quarter to 38.2% in the fourth quarter. (Includes two data tables.)
Two large nonbank retail lenders took losses in the fourth quarter, with officials stressing that better days are ahead. Guild is growing through M&A while loanDepot is reducing its staffing.
Issuance of Ginnie Mae MBS increased by nearly 9.3% from January to February. The increase was due to a surge in refinancings. (Includes two data tables.)
Marcia Fudge, secretary of the Department of Housing and Urban Development, this week announced her retirement, effective March 22. HUD Deputy Secretary Adrianne Todman will step in as acting secretary.
President Biden last weekend signed a six-bill fiscal 2024 appropriations package that includes funding for the departments of Housing and Urban Development, Veterans Affairs and Agriculture.
At the National Association of Hispanic Real Estate Professionals conference this week, FHA Commissioner Julia Gordon said FHA financing becomes increasingly important as interest rates rise.
With barely any refinance activity, the seasonal housing slowdown showed overcapacity in production platforms that squashed profitability. (Includes data table.)
Originations of home equity loans declined in the fourth quarter as interest rates increased. Though HELOCs still dominate home equity production, closed-end second liens gained share in 2023. (Includes three data tables.)
Increased jumbo production from UWM helped boost broker originations, while Wells Fargo’s exit from correspondent lending hurt that channel’s market share as other lenders didn’t pick up the slack. (Includes data table.)
Bank holding companies reported a solid 5.0% increase in agency MBS held in trading accounts during the fourth quarter. But non-agency MBS and non-mortgage ABS holdings were down. (Includes two data tables.)
More than a handful of motions and briefs have been filed over the last two weeks in the lawsuit challenging the CFPB’s final credit card late fee rule.
As the historic mortgage boom fades into the past, buyback claims from the GSEs have declined. The biggest downturn has been at Freddie. (Includes three data tables.)
Issuance of Ginnie Mae MBS increased by nearly 9.3% from January to February. The increase was due to a surge in refinancings. (Includes two data tables.)
As the historic mortgage boom fades into the past, buyback claims from the GSEs have declined. The biggest downturn has been at Freddie. (Includes three data tables.)
Critics argue that the new title insurance waiver pilot would only apply to wealthy homeowners. However, one tech title company said it could lower closing costs for most buyers under 120% AMI.