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.
MBA's Mike Fratantoni: “For the second week in a row, the share of loans in forbearance has increased, driven by a rise in new forbearance requests..."
“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.”
The industry-wide servicing-for-others total was down $99.41 billion from June, a 3.0% quarterly decline. With a handful of exceptions, the banking sector has reported quarterly declines in SFO since the end of 2009.