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.)
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.