The refinance business for private MIs fell 11.0% from the second to the third quarter, dropping to 30.6% of their production. Still, that’s well above historic norms...
The result was that nonbanks at the end of September accounted for 49.1% of the top-50 market, a measurement that includes a substantial volume of subservicing.
Fannie and Freddie combined to issue $266 billion of single-family MBS in October, the third monthly production record set this year. Many top sellers shifted a little more of their GSE business to Freddie. (Includes two data charts.)
The broker share of loans sold to Fannie and Freddie rose in the third quarter, while declining in new Ginnie business. Retail remained king, including an increase in the channel's share of agency purchase-mortgage business. (Includes two data charts.)
Although gain-on-sale margins narrowed from the second to the third quarter, nonbanks reported strong results from their origination and secondary market activity. (Includes data chart.)
Year-to-date issuance climbed to $2.468 trillion at the end of October and should top $3 trillion based on the current pace. As of this writing, there appears to be plenty of gas still left in the tank.
Issuance of single-family agency MBS is on track to top $3 trillion this year, with Fannie and Freddie doing most of the heavy lifting. (Includes two data charts.)
Nonbanks gained ground on depository institutions among the top 50 participants in the servicing market. Several large banks were content to let their portfolios decline. (Includes two data charts.)