Many top-tier sellers in the agency single-family market recorded massive increases in sales of rate-term refinances in the fourth quarter — but the refi market cratered in December.

Old industry hands like Mike Calhoun of CRL and former FHFA acting Director Ed Demarco say getting the GSEs out of conservatorship might be more complicated than the Trump administration believes.

Purchase mortgages and refis increased across the board in the agency MBS market in the third quarter, with the strongest growth seen in refis that carried primary mortgage insurance. (Includes three data tables.)

Ginnie Mae Acting President Sam Valverde believes long-term commitment of resources could allow the agency to do more to address nonbank liquidity challenges.

The agency market may need continued growth in refinance lending to sustain the third quarter’s increase in single-family business. Fueled by surging refi volume, Ginnie grew its share of agency MBS issuance. (Includes two data tables.)

Insurance companies were some of the largest originators of mortgages when the FHLBanks were created, but that’s no longer the case.

Researchers find that the climate-related increase in flood damage will boost the cost of subsidizing federal mortgage programs by 44% over the next 30 years. That doesn’t include the costs to homeowners, lenders, insurers or MBS investors.

Ginnie remained the top agency in single-family business during the second quarter, though the GSE market posted a bigger gain. Purchase-mortgage volume accounted for most of the gain. Refi activity was also up. (Includes two data tables.)

Economists pick through the mortgage data to try to understand when things will get better for the industry.

Lenders continue to make bulk purchases to offset runoff in their portfolios and make up for anemic originations. However, demand for MSRs could be near a peak, according to industry analysts.