Some $56.56 billion of ABS were issued in the first quarter of 2020, a sturdy 20.1% sequential gain, according to exclusive figures compiled by Inside MBS & ABS...
Securitization of vehicle finance was the strongest component in the ABS market as new issuance rose 40.2% from the fourth quarter. Auto ABS are likely to be among the first to reemerge from the pandemic collapse. (Includes two data charts.)
The economic impact of the coronavirus is smacking headlong into two unmovable trends: the growth of the Ginnie servicing market and the expansion of nonbank servicers. (Includes two data charts.)
Ginnie MBS data show an increase of 72,224 loans recorded as 30 days past due from February to March. Some 56,266 of those newly delinquent loans were FHA-insured.
Only 11.22% of purchase-money mortgages purchased by the GSEs in the first quarter had FICO credit scores below 700. That was down from 12.05% in the fourth quarter and 14.66% a year ago.
A smaller share of Fannie/Freddie purchase loans fell in the highest-risk category during the first quarter of 2020, although there was an upswing in higher-risk refinance loans. (Includes two data charts.)
Nonbank market share declined slightly in the first quarter largely because depository institutions were selling older loans to Fannie and Freddie. Refi business ramped up in March. (Includes two data charts.)