In a seasonal trend seen each of the past five years, the delinquency rate declined on securitized government-sponsored enterprise loans, FHA mortgages and Department of Veterans Affairs home loans. (Includes data table.)
Rocket is set to acquire Mr. Cooper, the second-largest servicer of loans in agency MBS. Rocket, which has a significantly high recapture rate, plans to boost retention efforts on Mr. Cooper’s portfolio.
The securitization rate for non-agency jumbo mortgages more than doubled on an annual basis in 2024. And the non-agency MBS share of originations of expanded-credit mortgages increased. (Includes data table.)
Fed reduces redemption cap for Treasury securities, allows agency MBS runoff to proceed; Annaly to issue securitization with HELOCs; non-agency MBS term financing transaction from PIMCO.
Loans in Ginnie Mae MBS accounted for 17.7% of total single-family mortgage servicing outstanding as of the end of 2024, up from a 17.0% share at the end of 2023. Nonbanks continue to gain share.
If the GSEs are released from conservatorship, some participants in the agency MBS market insist the to-be-announced market, uniform MBS and Fannie/Freddie CRT activity should remain untouched.
The Federal Housing Finance Agency in recent years has done a better job than Ginnie Mae in interagency planning for a hypothetical nonbank crisis, according to the Government Accountability Office.
Actions by the Federal Reserve are helping to reduce volatility in the agency MBS market. Investors are comfortable with current conditions, with supply and demand seen as being in balance.
The total delinquency rate on loans in agency MBS increased by 24 basis points during the fourth quarter. Delinquencies were up at FHA, VA and the GSEs. The rate is expected to rise modestly in 2025. (Includes data table.)