A substantial slowdown in bulk sales of Fannie/Freddie servicing led to the lowest secondary market volume for agency MSRs since the third quarter of 2020. (Includes three data tables.)
Delinquency rates were down for all three government agencies and in every late payment category during the early months of 2024. (Includes data table.)
FDIC call-report data show mortgage banking income at banks and thrifts declined by a quarter sequentially, although full-year profits dropped by just 4%. Chase was easily the most profitable bank in the mortgage sector. (Includes data table.)
The banking industry reported a slight contraction in its servicing for others in the fourth quarter of 2023. Wells Fargo accounted for a significant share of the industry’s decline. (Includes data table.)
Although almost all of the cost of funding a loan through MBS is passed through to consumers, borrowers only see about 40% of the “cost” of a specified pool pay-up.
A mortgage application in which both members are male is 8.9% less likely to be approved than if the co-applicants were of different sexes, according to new research.
Banks and thrifts sold $97.37 billion of mortgages during the quarter. Trends varied among the largest banks, with Chase increasing loan sales while U.S. Bank and Wells Fargo sharply reduced their activity. (Includes two data tables.)
While most publicly traded companies reported positive results on their production and servicing income, the MBA found that nearly half of the industry failed to turn a profit in the third quarter. (Includes data table.)
Servicing for others by banks and thrifts was nearly unchanged in the third quarter at $3.14 trillion as MSR fair values rose to a historic high of 1.65% of the underlying servicing volume. (Includes data table.)