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.

The program provides borrowers a 3% downpayment assistance second lien with up to $15,000 in financing. The loan does not accrue interest and does not require a monthly payment.

The flow of refinance loans into the Ginnie MBS program dropped 9.2% in April. Still, year-to-date refi volume in the government-insured market was up a solid 54.4%. (Includes two data tables.)

Originations of higher-priced loans, a proxy for subprime mortgages, declined in 2023 but held up better than total originations. (Includes two data tables.)

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.)

Total issuance of Ginnie Mae mortgage-backed securities declined slightly during the first quarter of this year. Still, volume was up sharply from the first three months of 2023. (Includes four data tables.)

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.)

A Michigan appeals court judge affirmed that UWM’s move to compel arbitration in a dispute with a former employee was seven months too late.

Both the correspondent and broker channels increased their share of FHA and VA lending in 2023. (Includes data table.)

Increased jumbo production from UWM helped boost broker originations, while Wells Fargo’s exit from correspondent lending hurt that channel’s market share as other lenders didn’t pick up the slack. (Includes data table.)