The chief innovation officer at United Wholesale Mortgage testified at a hearing in Congress this week on housing affordability. Senators at the hearing largely focused on issues outside of the mortgage market.
MSR buyers believe that there will be plenty of supply of the asset this year as mortgage originators face difficulties from high interest rates. UWM, the largest lender in the industry, is willing to sell if the price is right.
Some 17.2% of homeowners with mortgages had an interest rate greater than or equal to 6% at the end of the third quarter of 2024, compared to 12.3% in the third quarter of 2023.
A rise in VA and FHA refinance business helped to increase Ginnie Mae mortgage-backed security issuance in the third quarter. The increase in purchase-mortgage volume was more modest. (Includes four data tables.)
Refis are poised to increase and MSR values will decline as interest rates decline. United Wholesale Mortgage is prepared for the moment, having sold off a significant amount of MSRs earlier this year.
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.
Second-quarter Ginnie Mae securitization growth was strongest among purchase-loan originations. But refis picked up steam over 2023. (Includes four data tables.)
FHA’s share of the government-insured market declined to 60.8% in the first quarter of 2024, while VA production improved from the fourth quarter led by IRRRLs. (Includes three data tables.)
FHA first-lien, single-family home loan applications were turned down more often than VA home loan applications, according to an analysis of HMDA data. (Includes data table.)