Heavy refinance activity pushed FHA and VA endorsements higher in the first quarter of 2020, while private MIs raised prices and braced for the impact of COVID-19. (Includes three data charts.)
Delinquencies on mortgages in agency MBS surged in April amid financial difficulties prompted by the coronavirus. Loans were performing well before the pandemic. (Includes data chart.)
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.)