The flow of new single-family mortgage-backed securities in Ginnie pools dribbled to just $22.66 billion last month. Through the first two months of the year, volume was down 53.9% from the same period in 2022.
Following Jay Farner’s surprise move to retire, the mortgage company has retained a “leading firm” to consider both internal and external candidates for the CEO position.
Rocket is known for refis. Demand for refis is limited due to rising interest rates. So Rocket is taking steps to boost originations of purchase mortgages.
FTC proposes banning noncompete clauses across wide swath of industries; Rocket unveils special purpose credit program; Guild joins other lenders in offering temporary buydowns.
Issuance of Ginnie Mae single-family mortgage-backed securities dropped 5.6% in November as refinances hit their lowest level in more than three years. (Includes two data charts.)