Most of the industry's dramatic $245 billion decline in servicing for others was the result of a change in reporting practices at Flagstar Bank. However, a number of large banks continued to back away from the business of servicing for others. (Includes data chart.)
Mortgage lenders rapidly implemented work-from-home policies that kept operations humming early in pandemic. But the huge extension of the corporate network meant a significant increase in cybersecurity risk.
Sellers delivered a record $253.3 billion of single-family loans into agency MBS during May thanks to a continuing surge in refi business. Strikingly, several of the top seller-issuers saw significant declines in monthly volume. (Includes two data charts.)
But the first quarter was just a prelude to the crescendo of refinance activity in April and May. A whopping $323.4 billion of refi loans were securitized by the GSEs and Ginnie during the past two months...
Mortgage lenders delivered a whopping $323 billion of refinance loans into agency MBS during April and May, almost matching full-year volume back in 2018. (Includes four data charts.)
Deliveries of refinance loans into Ginnie MBS continued to climb in April, but a surge in purchase loans accounted for much of last month’s record production volume. (Includes two data charts.)
The top two bank ABS investors — TD Bank and Charles Schwab — pared back their holdings in 1Q, but sizable increases at Bank of America and oth-ers boosted the industry’s total position in the market. (Includes two data charts.)
Pandemic-related market volatility in March dampened non-agency jumbo lending more than other sectors in the mortgage business. Conforming-jumbo production also fell sharply in the first quarter but began regaining momentum in April. (Includes three data charts.)