Average FHA and VA credit scores declined for both purchase and refi loans pooled into Ginnie Mae MBS in the first quarter. Wholesale-broker production gained a larger share of the market.
Driven by a huge increase in volume at United Wholesale Mortgage, the broker market posted a solid 14% increase in production during the first quarter of 2019. Correspondent lending was off 10% over the same period.
The industry added $30 billion to its residential MBS holdings in the first quarter, mostly in agency pass-through securities. But some of the increase resulted from a shift in reporting at a large bank.
Without a doubt, United Wholesale Mortgage is the Big Kahuna of table-funding with a massive market share reading of 35.1%, according to Inside Mortgage Finance. In short, it has left all competitors in the dust…
In the first quarter of 2019, the average credit score for retail production was 725.97, 7.3 points higher than the average for correspondent production...
In the first quarter of 2019, the average credit score for retail production included in agency MBS was 725.97, 7.3 points higher than the average for correspondent production and 7.5 points above the figure for brokers.