Timing is everything. The majority of the loans, 63.0%, went into forbearance status in April and many of these borrowers may have already made their May payment.
With one big exception — Freedom Mortgage — correspondent platforms saw declining production of FHA/VA loans in the first quarter. Retail was fairly steady, while wholesale-broker gained momentum. (Includes data chart.)
Roughly 10% of loans backing Ginnie Mae MBS at the end of May were in forbearance because of the COVID-19 pandemic, but over a quarter of them were still current. (Includes data chart.)
S&P, Moody’s and DBRS made the most of the surge in rated ABS issuance during the first quarter. Kroll and Moody’s managed to increase non-agency MBS ratings in a declining market. (Includes two data charts.)
Nonbanks accounted for a record 63% of production by the top 100 lenders in the first quarter. Meanwhile, industry economists project a sharp drop in volume in the third quarter. (Includes two data charts.)
Banks and thrifts continued to cede share in the servicing of single-family MBS to nonbanks. The retained portfolios of depository institutions grew at half the rate of overall mortgage debt outstanding. (Includes two data charts.)
Most of Freddie’s buyback claims end up being withdrawn by the GSE. A substantial share of Freddie’s loan purchases are underwritten through Fannie’s automated underwriting platform, but not all of the Desktop Underwriter extended services are available if the loan is sold to Freddie.