Fannie still has a substantially larger amount of single-family servicing outstanding, but Freddie grew its book significantly faster in the third quarter. Bulk MSR transfers accounted for some big shifts in the GSE servicing market. (Includes two data charts.)
Many companies reported declining production volume offset by stronger gain-on-sale margins. But servicing income strengthened as MSR values improved. (Includes data chart.)
The 3Q21 shift from refinance to purchase-mortgage lending generally benefited FHA and private MI activity more than the VA market. (Includes two data charts.)
Although serious-delinquency rates declined at Fannie Mae, Freddie Mac and Ginnie Mae, the agencies reported a sizable increase in 30-day late payments during the third quarter. (Includes data chart.)
The biggest decline in CLO issuance came in refinance and restructuring transactions, where volume fell 26% from the second to the third quarter. Refi CLO activity still accounted for 47% of new issuance. (Includes two data charts.)
After the FHFA revealed its intent to reduce GSE capital requirements for CRT exposure, Fannie announced plans to get back in the market. (Includes data chart.)
While agency market trends weakened in the third quarter, non-agency production likely continued to gain share. Rocket Mortgage, PennyMac and United Wholesale Mortgage remained the top producers, but several banks reported strong quarterly gains. (Includes two data charts.)
Freedom Mortgage grew its Ginnie servicing portfolio significantly by acquiring MSR in bulk and coissuance transactions during the third quarter. Despite a spike in short-term delinquencies, overall loan performance improved. (Includes four data charts.)
Loan removals from Ginnie MBS declined nearly 10% from the second to the third quarter, with the sharpest drop in buyouts of delinquent loans. (Includes data chart.)