MBA's Marina Walsh: “Soaring production revenues – led by strong secondary marketing gains – drove these results and more than offset an increase in production expenses.”
UWM reported a 69.2% jump in refi volume, while PennyMac, Freedom Mortgage, loanDepot, Mr. Cooper Group and NewRez all increased their market share as well.
Ginnie Mae single-family MBS issuance fell slightly from October but remained at near record levels. All told, the three agencies pumped out nearly $355 billion last month, a 5% gain from October.
The trade groups argue that the GSEs are key providers of liquidity to the housing market, especially in these troubled times and any mistakes will damage the nation’s mortgage finance system.
“Applications are staying strong,” said Paul Rozo, CEO of Paramount Residential Mortgage Group, Corona, CA. “Rate-locks have been smoking leading up to the election and post-election as well, which is nice.”
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