The first quarter of 2020 marked the lowest bank earnings on mortgage banking activity since the financial crisis. A big part of the decline came from steep losses at Fifth Third and Bank of America. (Includes data chart.)
Most of the industry's dramatic $245 billion decline in servicing for others was the result of a change in reporting practices at Flagstar Bank. However, a number of large banks continued to back away from the business of servicing for others. (Includes data chart.)
Agency MBS issuance declined modestly from the fourth quarter of 2019 to first quarter of this year. But volume soared abruptly in April, along with signs of COVID-19 stress. (Includes two data charts.)
Roughly a third of the bulk MSR transfers recorded in the first quarter of 2020 came as NewRez boarded servicing rights it acquired from Ditech Financial several months ago. (Includes three data tables.)
Mr. Cooper Group and PennyMac Financial Services dominated the small group of publicly traded nonbank mortgage lenders with $525 million in net mortgage banking income for the fourth quarter. (Includes data chart.)
Most of the banking sector's 1% drop in servicing for others is attributable to declining balances at Wells Fargo and JPMorgan Chase. (Includes data chart.)
Although secondary market sales by bank mortgage banking platforms were down 8% in the fourth quarter, it still ranked as one of the busiest periods since early 2013. (Includes two data charts.)
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