Depositories grew their first-lien portfolios during the third quarter. JPMorgan was the only bank among the top 10 to report a sequential decline. (Includes data chart.)
Nonprime servicing portfolios increased by 1.7% in the third quarter and 7.5% year-over-year. Only three of the top-10 players in the sector saw volumes decline from the second to the third quarter. (Includes data chart.
The adjustable-rate mortgage share of total production increased slightly in the third quarter, even though originations of the product drastically declined. (Includes data chart.)
Despite a drop in jumbo originations, servicing portfolios at many shops increased during the third quarter. Top-ranked Wells Fargo saw its jumbo servicing portfolio go up by less than 1%, while second-ranked Chase did slightly better at 2.6%. (Includes data chart.)
Activity at the GSEs is moving away from areas where the non-agency market could compete with Fannie Mae and Freddie Mac. Cash-out refi business could be the next category to take a hit as FHFA has directed the GSEs to increase upfront pricing. (Includes data chart.)
Borrowers and lenders increased their emphasis on ARMs in the second quarter as interest rates continued to spike. The loans accounted for more than 12% of total originations during that time. (Includes data chart.)
Banks and thrifts added a significant amount of first liens, with a focus on adjustable-rate mortgages, to their portfolios in the second quarter. Overall, holdings increased by 4.2% between March and June. (Includes data chart.)
Pricing increases that took effect in April reduced the volume of loans for second homes and conforming jumbos going to the GSEs. The “core” product share of GSE business also hit a high level in the second quarter. (Includes data chart.)
Among the top 15 servicers of nonprime mortgages, portfolios increased slightly in the second quarter. Delinquencies, meanwhile, improved. (Includes data chart.)
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