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Inside The GSEs
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Nation’s Largest Table-Funder UWM Looking at a Record Year for Loan Production

August 3, 2016
Paul Muolo
According to Mat Ishbia of UWM, the loan broker segment is thriving.
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Fed LO Survey: Almost 12 Percent of Lenders Doing GSE Loans Loosened Credit in 2Q16

August 2, 2016
Brandon Ivey
However, for the six other loan types tracked by the Fed, mortgage underwriting standards were largely unchanged…
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Average G-Fee for 2015: 59 BPs. FHFA Chief Tells Industry Agency is Consistently ‘Re-Evaluating’ the Charges

August 2, 2016
Paul Muolo
Compared to 2011, g-fees (which include LLPAs) have increased a whopping 126 percent.
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Freddie Mac Posts $993 Million Profit for 2Q16 Despite $2.0 Billion of Marks on Derivatives; G-Fee Income Up 17 Percent

August 2, 2016
Paul Muolo
Freddie purchased $91 billion of home mortgages from its seller/servicers in 2Q16, a handsome 31.8 percent improvement from the prior period.
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Slip Sliding Away: Securitization of ARMs

August 2, 2016
Brandon Ivey
An estimated $46 billion in ARMs were originated in the first quarter of 2016, down 2.1 percent from the previous quarter…
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Freddie Mac CEO Don Layton: HARP Announcement Coming ‘Soon’

August 2, 2016
Carisa Chappell
In the past, the FHFA has shot down a couple of program myths and emphasized that being significantly underwater doesn’t disqualify borrowers from using HARP…
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Short Takes: Freddie Mac, An ‘Earner’ for Uncle Sam / GSE Investors Wonder: When Do We Get Ours? / Top LO Bolts for New Penn / Oaktree’s Non-QM Volume / Ocwen Readies $500 Million ABS

August 2, 2016
Brandon Ivey and Paul Muolo
Investors in Freddie (and Fannie Mae) common and preferred who bought their shares as a speculative investment are still wondering: Hey, when do we get some of that money?
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FHA Cracks the $1 Trillion Mark. New Issuance Exceeds Runoff

August 1, 2016
John Bancroft
Refinancing has been heavy this year. Ginnie MBS outstanding at the end of 2015 lost $99.51 billion of FHA loans through the first six months of 2016.
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Here Come the Nonbank Earnings. It Could Get Ugly

August 1, 2016
Paul Muolo
According to KBR, falling rates trimmed MSR values by roughly 6 percent.
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Commercial Mortgage Securitization Took a Tumble in 2Q16; Non-Agency Issuance Hits Four-Year Low

July 29, 2016
John Bancroft
Conduit deals issued in the second half of this year will benefit the most from spread tightening…
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