Wells Fargo was set to price its first post-crisis jumbo mortgage-backed security this week, marking a significant occasion for the sector. Wells is the largest originator of jumbo mortgages and the bank has been holding production in portfolio instead of issuing non-agency MBS. Company officials note that the $441.3 million Wells Fargo Mortgage Backed Securities 2018-1 Trust is in part a test of the MBS market by the bank. The deal is scheduled to close on Oct. 25. MBS issuers generally can't ...
A rise in interest rates on mortgages will help First Republic Bank, San Francisco, gain market share in jumbo originations, according to officials at the bank. Through the first six months of 2018, First Republic ranked fourth among non-agency jumbo lenders, accounting for 3.8 percent of the estimated $140.0 billion of jumbo originations, according to Inside Nonconforming Markets. James Herbert, chairman and CEO of First Republic, noted that some jumbo lenders are reducing staff as originations decline ...
The amount of single-family Ginnie Mae mortgage servicing rights increased a modest 0.9 percent during the third quarter, according to a new analysis and ranking by Inside FHA/VA Lending. Some $1.858 trillion of Ginnie mortgage-backed securities were outstanding at the end of September, a 6.2 percent gain over the previous 12 months. Loans guaranteed by the VA continued to be the fastest growing segment of the Ginnie market. Volume was up 1.3 percent from the end of June, hitting $630.9 billion, an 11.0 percent increase from the same time last year. The FHA segment remained far bigger: $1.114 trillion at the end of the third quarter. However, its growth rate has been slower: 0.7 percent from June and 3.9 percent compared to September 2017. Loan performance deteriorated slightly in both programs. Some 92.9 percent of FHA loans were current at the end of September, down from ... [Charts]
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