Led by Rocket Mortgage, the $4.6 billion earned by nine nonbank lenders in the fourth quarter of 2020 topped the $3.6 billion in mortgage banking income reported by 20 banks. (Includes data chart.)
Although production and loan sales fell in the fourth quarter, 2020 was a banner year for mortgage banking operations at commercial banks and thrifts. (Includes two data charts.)
Commercial banks, the Federal Reserve and foreign buyers remained the biggest investors in U.S. residential MBS, a market that saw Freddie and Fannie expand at Ginnie's expense. (Includes three data charts.)
The Federal Reserve reported that single-family mortgage debt outstanding rose 4.3% in 2020 to $11.666 trillion. Of that total, $8.104 trillion, or 69.4%, was committed to mortgage securities.
The supply of single-family mortgage debt outstanding grew just 4.3% last year, but Freddie and Fannie saw a hefty 13.3% gain from the end of 2019. (Includes two data charts.)
DBRS made strides in the expanded-credit MBS market with $10.95 billion in business, a 19.5% increase from 2019 at a time when overall rated issuance fell 24.7%
After hitting an all-time monthly record in January, issuance of Ginnie single-family MBS slowed modestly last month. Still, a number of top issuers managed to boost volume. (Includes two data charts.)
The ratings business was down in both non-agency MBS and ABS last year, and firms scrambled to maintain share in declining markets. (Includes two data charts.)