Nonbank servicers increased their holdings of Fannie/Freddie MSR by $54 billion during the first quarter of 2020, with a big chunk of that coming as New Residential boarded Fannie rights it acquired from Ditech last year.
Roughly a third of the bulk MSR transfers recorded in the first quarter of 2020 came as NewRez boarded servicing rights it acquired from Ditech Financial several months ago. (Includes three data tables.)
Production in all three channels was down from the fourth quarter, but brokers had a smaller decline than correspondents and retail producers. (Includes two data charts.)
The flows into commercial MBS of loans backed by office properties, retail facilities, hotels, apartments and industrial properties were all down sharply from the fourth quarter, a victim of the economic damage caused by the COVID-19 pandemic.
New issuance of non-agency CMBS has been stalled for a month and prospects are dim for much of a comeback until the market gets a clearer view of the impact of the coronavirus.
Wells Fargo has been the top lender in total home loan production since Countrywide hit the skids in the second quarter of 2008. But Quicken took the top spot in early 2020. (Includes two data charts.)
Mortgage bankers not affiliated with depository institutions owned mortgage-servicing rights for $1.363 trillion of loans backing Ginnie MBS, or a stunning 67.8% of the market.
Delinquency rates for government-insured loans generally declined in the first quarter, but 30-day past-due rates were up for both FHA and VA, with a noticeable gain from February to March. (Includes four data charts.)