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.)
After cutting interest rates on its products in late June, UWM expects its gain on sale to decline from 99 bps in the first half of this year to as low as 30 bps in the third quarter.
An increase in purchase mortgages wasn’t enough to offset ongoing declines in refi volume, pushing issuance of Ginnie MBS down 2.9% in July compared with June. (Includes two data charts.)
Chairman Mat Ishbia suggests those calling for cost reductions and layoffs at United Wholesale Mortgage don’t understand the lender; impact of Biden administration’s housing plan expected to be “limited;” mortgage costs soaring.
CRA proposal would expand assessment areas for large banks; ICE to acquire Black Knight; Ishbia vows no layoffs at United Wholesale Mortgage; UWM competing on price; MBA concerned about kleptocrat legislation; Fairway unit offering NFTs of individual homes.
UWM offering bank statement mortgages; Spring EQ expands HEL guidelines; Toorak issues bridge loan securitization; non-QM impairments steady in January; new law to help with LIBOR-linked legacy deals.
Financial technology lender SoFi is set to acquire a bank; United Wholesale Mortgage will cover appraisal costs on purchase mortgages through the end of March; mortgage tech companies raise capital; CoreLogic offers new fraud-detection service; low-code marketplace launched.
The Fed will reduce its purchases of agency MBS more quickly than initially planned; the Senate confirmed Alanna McCargo as Ginnie Mae’s president; Parthenon Capital Partners will acquire a majority stake in Kroll Bond Rating Agency; KBRA raises concerns about non-agency MBS due diligence sampling practices; United Wholesale offers its first non-agency jumbo MBS.