Repurchase activity at banks and thrifts increased sharply during the second quarter. PNC Bank overtook JPMorgan Chase to lead the industry in buybacks. (Includes data chart.)
The overall delinquency rate in agency MBS inched up to 1.97% at the end of June. All of the increase in late payments was seen in the Ginnie Mae program. (Includes data chart.)
Overall, banks and thrifts reported a decline in the volume of mortgage repurchases and indemnifications made during the first quarter, but most major institutions saw increases. (Includes data chart.)
Banks and thrifts reported a 10.6% sequential increase in the volume of mortgages they repurchased in the fourth quarter of 2021. But for the full year, buybacks trended down. (Includes data chart.)
An appraisal company failed to note that improvements to a refinanced property happened to encroach on neighboring land, but the lender, First Community Mortgage, couldn’t pin losses on the appraiser.
A sharp drop in bank mortgage repurchases from the first to the second quarter was due mostly to one institution: USAA Federal Savings Bank. (Includes data chart.)
Although seller buybacks from Fannie/Freddie MBS trusts rose sharply in the first quarter, they still account for a miniscule share of total GSE business.
Sterling Bancorp recently reached a $12.5 million settlement for allegedly violating the Securities Act. The company is now ready to turn the page on its non-agency past.
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