Chase remains the largest servicer of GSE loans at the halfway mark this year, but a 16.4% surge in volume at Mr. Cooper Group, the number two GSE servicer, cut deeply into Chase’s lead. (Includes two data tables.)
Nearly all of the top 30 GSE sellers managed to increase deliveries to the enterprises in the second quarter, helping drive a 33.1% sequential bump in sales. Even so, year-to-date deliveries were down slightly. (Includes two data tables.)
The volume of government purchase loans securitized into Ginnie Mae mortgage-backed securities grew in May for the third month in a row. Refi volume declined somewhat compared with April.
Rocket’s originations and secondary market sales of home equity loans are flourishing without the GSEs. It’s also not yet clear how large of a role the GSEs would have in the market for closed-end second liens.
Mortgage deliveries to the mortgage-backed securities platforms of Fannie Mae and Freddie Mac rose in April, but credit trends suggest these were seasonal increases rather than a start of a new trend. (Includes two data tables.)
A dip in United Wholesale Mortgage stock last week, driven by a report from a hedge fund that shorted the nonbank, has raised awareness on the number of mortgage companies that are being shorted.
Smaller lenders, with comparatively smaller declines in volume, saw their market share rise in the first quarter at the expense of large banks and large nonbanks. (Includes two data tables.)
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.