The supply of home-equity debt outstanding declined at an accelerated rate and new HEL lending fell sharply. Credit unions held their own. (Includes three data charts.)
The purchase-mortgage share of loans sold to Fannie, Freddie and Ginnie gained slightly in August, and there was some rebound in correspondent activity.
In a groundbreaking performance, the agency's five biggest months for MBS issuance have occurred over the past five months of 2020. Freedom continued to ride a swift current of refi activity. (Includes two data charts.)
Securitization of purchase loans rose 16.2% from July to August, including an 18.2% increase in VA loans. FHA still accounted for the biggest share of government-insured purchase loans, 53.0% last month.
TD Bank and Charles Schwab continued to dominate the sector, accounting for a combined 45.2% of industry ABS holdings despite pulling back somewhat during the pandemic-stricken second quarter.
Most of Freddie's repurchase activity in the second quarter involved loans securitized in 2020, but 2019 business still accounted for most of Fannie's activity. (Includes three data charts.)