Delinquency rates generally went higher in the second quarter, and forbearance counts continued to climb. With MSR sales down, larger servicers generally ceded ground to smaller firms. (Includes three data charts.)
At the end of June, a whopping 14.07% of FHA loans in Ginnie pools were delinquent, up from 7.57% in March, according to anInside FHA/VA Lending analysis of MBS disclosures.
There was a huge spike in early-payment delinquencies in April that migrated to more serious categories of default in May and June. Last month saw a huge increase in servicer buyout of delinquent loans. (Includes four data charts.)
The vehicle-finance sector hit a pothole as new issuance skidded 26.0% from the first quarter to $21.61 billion. But that represented 62.9% of new ABS production for the second quarter.
Although ABS issuance backed by auto finance fell 26% from the first to the second quarter, the sector still accounted for nearly 57% of non-mortgage securitization in the first half of 2020. (Includes two data charts.)
Residential lenders originated $865 billion of mortgages in the second quarter, the highest level since 2003. While most shops reported robust increases, a number of top-tier banks and nonbanks failed to keep pace. (Includes two data charts.)
The call-report figures generally track buyback trends documented by Fannie and Freddie, though the bank figures may include repurchases and indemnifications linked to other buyers.