Banks and thrifts purchased a significant share of the net growth in agency MBS outstanding during the second quarter as Federal Reserve buying slowed. (Includes two data charts.)
Heavy refinance lending pushed the retail share of second-quarter originations to a record 65.7%. Much of the decline in correspondent came from a handful of key players. (Includes six data charts.)
In a nutshell, retail lenders gorged on refis: Roughly 62.8% of refi loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter came through the channel...
Retail-originated refi production was particularly strong at the GSEs, climbing 160.5% from the first to the second quarter. By contrast, deliveries of retail refi loans rose 30.5% at Ginnie Mae, where total MBS issuance increased more modestly...
Freddie commemorated its 50th year in business with a landmark $107.6 billion in new single-family business, its biggest output ever. The GSEs could set a new annual record by the time 2020 is over. (Includes two data charts.)
PennyMac continued to lead nonbanks in profitability, generating a hefty $475.7 million in net income on its mortgage banking operations for the second quarter. Mr Cooper bounced back from a first-quarter loss while New Residential made strides toward recovery. (Includes data chart.)
Correspondent production accounted for just 25% of loans sold to Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter, down from 37.0% in the previous period. (Includes two data charts.)