Volume declined at all of the top 10 GSE sellers in April, both sequentially and year-to-date. Purchase mortgages outnumbered refinancings for the first time since September 2019. (Includes two data charts.)
Ginnie hopes to align, to the extent possible, its revised capital requirements for seller/servicers with FHFA’s standards. Industry participants are pushing for uniformity that isn’t too stringent.
Investment-property mortgage volume delivered to the GSEs was flat on a sequential basis in the first quarter, second-home volume declined by 8.0% and conforming jumbo business fell 38.5%. (Includes data chart.)
In January, the GSEs took in a significant volume of mortgages with balances greater than the baseline conforming loan limit for 2021. Note: A number of lenders had given themselves a head start on 2022 loan limits.
FHFA’s increase of fees on GSE mortgages for second homes could shift some volume into the non-agency market. Demand for second homes is also increasing.
Loan originators hurting for business as GSE refis decline should consider non-QMs, according to industry participants. Some major lenders are expecting non-agency lending to jump this year.
JPMorgan Chase was in a league of its own in the prime non-agency mortgage-backed securities market last year, with more than double the volume of its nearest competitor. (Includes three data charts.)
Strong home price appreciation helped push some GSE conforming jumbos into the non-agency market. Are loans for second homes next? (Includes data chart.)
The upfront fees the GSEs charge for conforming jumbos and mortgages for second homes are set to increase. Some volume in those products will likely flow into the non-agency market.