A number of top nonbank servicers saw significant increases in their Fannie/Freddie servicing portfolios, while most big banks saw declines. The GSE market continued to fragment. (Includes two data charts.)
Freddie’s multifamily structured credit risk notes are structured on actual losses. Previous issuances were based on a fixed-severity formula, which created a gap between when losses were booked and reimbursed.
Independent mortgage bankers accounted for a stunning 70% of single-family loans securitized by Fannie and Freddie during the fourth quarter. In a record-smashing year for both GSEs, Freddie boosted its share of the market. (Includes two data charts.)