Seasonal housing-market factors pushed GSE single-family mortgage business higher in the third quarter, according to a new Inside The GSEs analysis of mortgage-backed securities data.Fannie Mae and Freddie Mac issued $213.81 billion of single-family MBS in the third quarter, a 10.4 percent increase from the previous period. The gain came from a 23.4 percent surge in purchase-mortgage business, which offset a 15.5 percent downturn in GSE refi activity. [Includes two data charts.]
“I think everyone is on board,” said Colgate Selden, a former CFPB attorney and now managing director and head of regulation and compliance at Promontory MortgagePath.
JPM and Wells do not use loan brokers, avoiding the wholesale channel. Both have large warehouse lending programs and acquire mortgages from the nonbanks they also finance.
The Mortgage Industry Standards Maintenance Organization is launching an effort to standardize the loan-grading systems used by due diligence firms in the non-agency MBS market.
The creation of securitization structures to finance mortgage servicing rights was the most significant development for nonbank mortgage lenders in the aftermath of the financial crisis, according to Vandy Fartaj, CEO at PennyMac Financial Services.
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