Wells Fargo and JPMorgan Chase, the top banks in mortgage banking income, saw significant quarter-to-quarter volatility in 2019. Flagstar pulled itself out of a rut in the fourth quarter but still posted a hefty net mortgage banking loss for the year. (Includes data chart.)
The GSEs’ loan performance data excludes various loan types, such as ARMs and low-documentation loans, that performed poorly in the financial crisis. Nearly half of the GSE loans originated in 2006 and 2007 are expurgated from the data provided to CRT investors.
The bulk of Fannie Mae’s and Freddie Mac’s prevention actions were aimed at home retention, with 20,370 loans modified, repayment plans negotiated on 5,965 delinquent loans and 3,328 units receiving some sort of forbearance.
A new report allays concerns that a recent request for input from the regulator regarding pooling practices was an indication that something was amiss.
California remains the mother lode for Fannie Mae and Freddie Mac. In the first six months of 2019, the GSEs purchased $58.1 billion in loans from the Golden State.
Both GSEs posted their highest monthly volume of single-family MBS issuance since January 2017. Purchase-mortgage and refinance business rose significantly.
The GSEs continue to offload delinquent loans in their mortgage portfolios, bringing the tally of loans sold since 2014 to 117,466 with an unpaid balance of more than $22 billion. Page 9.
RSS