Loan performance deteriorated across most late-payment categories in the agency mortgage-backed securities market in the second quarter. However, delinquency rates remained lower than six months ago. (Includes data table.)
Some 13.8% of the total number of applications for conventional-conforming mortgages submitted last year were denied, compared to 14.3% in 2022. Denials for refinances jumped. (Includes data table.)
The Federal Reserve, FHFA, large banks and the GSEs are all struggling to model the future impact of climate change, both on their specific businesses and on the broader economy.
Agency securitizations of correspondent loans were sharply down in the first quarter of 2024 as volume dropped across the board. Refinances made a surprising surge, while credit quality remained unchanged. (Includes two data tables.)
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.)
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