Another blow-out earnings quarter from Freddie Mac. But earnings were juiced a bit by loan-loss reserve recaptures. Meanwhile, its net worth continues to increase.
The refinance sector took the biggest hit in the agency market during the first quarter of 2022, though it still accounted for just over half of the loans sold to Fannie, Freddie and Ginnie. (Includes two data charts.)
loanDepot’s founder is busy buying luxury homes these days. In a few weeks we’ll know how well the company did in the fourth quarter. Meanwhile, non-agency MBS production remains brisk.
Refinancing continued to account for most new business at Fannie Mae, Freddie Mac and Ginnie Mae in 2021, and the biggest gain was in purchase-mortgage activity. (Includes two data charts.)
Loan-level price adjustments charged by the government-sponsored enterprises for loans in high-cost areas and for second-home mortgages are set to increase this spring.
While many lenders are already originating mortgages using replacements for LIBOR, many legacy ARMs remain linked to the London benchmark, according to an analysis by Inside Mortgage Finance.
Sales of purchase-money mortgages into the agency secondary market continued to gain momentum in the third quarter, but the refinance sector saw further erosion. (Includes two data charts.)
As federal regulators consider ways to oversee how mortgage lenders disclose climate change risk to borrowers, industry participants warned of unintended consequences if the rules aren’t carefully crafted.
Despite protests that existing yield maintenance protects investors from prepayment risk on agency CMBS, FHFA directed the Federal Home Loan Banks to limit their exposure.
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