Borrowings by members of the Federal Home Loan Bank System increased 25.8% in the first quarter driven by COVID-19-related volatility. On the other end, the FHLBanks reported a huge drop in combined earnings with the San Francisco FHLB incurring a first-quarter loss.
Arch Capital announced loss estimates related to COVID-19. Meanwhile, S&P revised downward its outlook on five of the nation’s six private mortgage insurers.
VA deliveries into Ginnie MBS increased a stunning 44.5% in 2019. The share of refis in total VA securitization saw a sharp increase too. (Includes data chart.)
Policymakers should focus on making origination and servicing attractive to banks and nonbanks alike instead of adopting additional standards that apply to non-depositories, the Mortgage Bankers Association says.