The top three banks reported a combined $2.3 billion in mortgage banking income for the third quarter of 2020, up $1.3 billion from the prior period. (Includes data chart.)
The agency MBS market is on track to securitize over $2 trillion of refinance loans and $1 trillion of purchase mortgages in 2020. Nonbanks accounted for over 70% of new issuance in recent months. (Includes two data charts.)
The GSEs saw an increase in the first-timer share of their purchase-mortgage business, while government loan programs lost ground. (Includes five data charts.)
UWM reported a 69.2% jump in refi volume, while PennyMac, Freedom Mortgage, loanDepot, Mr. Cooper Group and NewRez all increased their market share as well.
Ginnie Mae single-family MBS issuance fell slightly from October but remained at near record levels. All told, the three agencies pumped out nearly $355 billion last month, a 5% gain from October.
Freedom Mortgage ranked as the top FHA lender and the top VA lender at the nine-month mark, though the competition was catching up on the VA side. (Includes three data charts.)
The primary market looked a little more like normal in the third quarter, with correspondents and mortgage brokers regaining some ground. Traditional retail still accounted for an historically large share of production. (Includes six data charts.)
The top five bank investors in the ABS market all reported substantial declines in their holdings during the third quarter. One bright spot was investment in the surging consumer ABS market. (Includes two data charts.)