While total GSE MBS issuance rose 10.3% from April to May, many of the top sellers recorded declines in monthly loan sales. But scores of lower-tier sellers more than made up the difference. (Includes two data charts.)
While overall production volume was down in all three major product groups, the wholesale-broker channel saw increased originations of conventional-conforming and government-insured loans. (Includes two data charts.)
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.)