Prepayment speeds are at historic lows, but Fannie reported a net decline in single-family MBS outstanding during the first quarter, and Freddie was up just 0.1%. (Includes two data charts.)
The bank liquidity crisis — although it had nothing to do with mortgages — slowed activity in the MSR sales arena. However, some buyers, including federally insured depositories, hung in there, picking up bargains.
Home Point, which once boasted a workforce of several thousand, soon will be down to a skeleton crew of 60 or so. Chances are, it will sell its servicing portfolio and call it a day. But it may not be alone on that score.
Both Fannie and Freddie made significant strides in meeting the objectives laid out in their 2022 equitable housing finance plans, according to progress reports released by the enterprises.
Industry stakeholders have welcomed the FHFA’s plan to make payment deferrals a regular part of loss mitigation. MBA suggested more standardization of workout options is in order.
The first quarter hasn’t exactly been a barn-burner for MSR sales and the recent bank liquidity crisis hasn’t helped. However, some buyers might take advantage of the fears of others.
With a bank liquidity crisis taking seed, some nonbank CEOs started asking a basic question: Are our escrows safe? What about our corporate deposits? Needless to say, it’s been an interesting week.
The supply of Fannie/Freddie servicing stagnated and non-agency MBS lost momentum in the fourth quarter. But depository whole-loan portfolios are growing, as are the home-equity and government-insured markets. (Includes two data charts.)
Subservicing vendors don’t seem to be adding to their contract base these days with a few isolated exceptions. A reflection of fewer new loans being created or something else? (Includes data chart.)
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