The share of current production loans that sellers have to buy back from GSE securities pools remained miniscule, although volume was up in the first quarter. (Includes data chart.)
Wells Fargo was the most active servicer in repurchasing delinquent loans in May, with $2.31 billion, 50.2% of the market total. A significant share of those loans were reportedly current, the MBS disclosures show, indicating that Wells repurchased loans in forbearance.
Ginnie MBS issuance caught up with strong primary market originations of FHA and VA loans, while Fannie and Freddie held steady in the conventional-conforming sector. (Includes data chart.)
Repurchases of delinquent loans from Ginnie MBS pools jumped sharply in May, including a significant number of performing loans under COVID-19 forbearance plans. (Includes data chart.)
The supply of home-equity debt outstanding fell below $500 billion in the first quarter. And though new originations were up slightly, lenders took a step back in April. (Includes three data charts.)
The three agencies reported a total of 1.2 million single-family loans one payment past due, or 3.03% of their combined portfolio. Ginnie’s 4.78% 30-day delinquency rate was the highest, including a 5.68% rate for FHA loans.
Ginnie MBS issuance in May was off just a whisker from April’s record, but the full impact of the recession on housing sales is yet to come. (Includes two data charts.)
Commercial banks, mutual funds and other investor groups scooped up the massive deleveraging of MBS by REITs at the end of the first quarter. Since then, the Federal Reserve has added $408 billion to its agency MBS holdings. (Includes two data charts.)
The deluge of refinance business so far in 2020 has overshadowed a sturdy purchase-mortgage market. But softening housing-market trends suggest a rougher road ahead. (Includes data chart.)