Nonbanks continued to account for over half of mortgage originations in a primary market that soared to $975 billion in the second quarter. (Includes data chart.)
The agencies securitized almost $592 billion of single-family refi loans, a 17.8% increase from 2Q. Refis accounted for 64.7% of the market during the third quarter. However, purchase-mortgage activity increased more in percentage terms...
DBRS saw a relatively small 5.7% decline in MBS ratings from the first to the second quarter, and actually upped its ratings of expanded-credit mortgage MBS...
Fannie and Freddie securitized $556.2 billion of single-family loans that were aged three months or less when the MBS was issued, a whopping 81.0% increase from the prior quarter.
Payoff removals fell 0.4% from July to August, and by 2.8% for FHA loans. The VA program, which sees much heavier refinance activity, recorded a 1.9% increase in payoff removals, edging up to its highest level of the year.
The volume of Ginnie single-family MBS outstanding peaked in June and retreated slightly in July and August. The slippage has been in FHA loans. (Includes two data charts.)
The number of loans in Ginnie MBS that had COVID forbearance fell 6% from July to August, although a growing share of the loans fell into the seriously delinquent category. (Includes two data charts.)
Despite plunging volume in rated MBS and ABS during the second quarter, some ratings services managed to increase market share. (Includes two data charts.)