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.
Banks left lending standards unchanged for most residential mortgages in the third quarter of 2019, even as demand rose significantly. Underwriting for commercial real estate loans stiffened.