The biggest surge was in the Ginnie Mae program, where 818,657 loans were classified as 30- to 60-days past due as of the end of April, or 7.02% of the overall Ginnie portfolio. That was up 352,397 loans from the end of March.
Heavy refinance volume pushed Fannie/Freddie MBS production to $175.5 billion in April, one of the highest monthly totals in GSE history. Nonbanks continued to lead the charge. (Includes two data charts.)
Despite substantial declines in mortgage banking profitability at Wells Fargo and JPMorgan Chase, the banking industry saw a modest gain in earnings during the first quarter. (Includes data chart.)
Agency MBS issuance declined modestly from the fourth quarter of 2019 to first quarter of this year. But volume soared abruptly in April, along with signs of COVID-19 stress. (Includes two data charts.)
Fannie and Freddie saw huge gains last month as total agency MBS issuance soared to an all-time record. Heavy refinance activity was the biggest factor. (Includes two data charts.)
Fannie and Freddie reported sharp drops in net income in 1Q as they substantially boosted loss reserves in anticipation of the impact of COVID-19. G-fee pricing between the two came into closer alignment. (Includes data chart.)
Loans eligible for sale to Fannie Mae and Freddie Mac or insured by FHA or VA accounted for a huge 86.1% of first-lien originations in early 2020. Both jumbo and expanded-credit mortgage lending fell sharply in the period. (Includes two data charts.)
Most of the phenomenal increase in agency MBS issuance last month came from the refinance sector, though purchase volume rose smartly as well. Nonbanks led the way.