Although only a minuscule share of GSE loans are subject to buyback requests, officials still keep a spotlight on the issue. Fannie recently refreshed its seller QC self-assessment. (Includes data chart.)
Fannie Mae posted significantly lower loan repurchase numbers than Freddie Mac for the fourth quarter, at the same time withdrawing a relatively larger share of buyback claims. (Includes two data charts.)
Wells Fargo and JPMorgan Chase, the top banks in mortgage banking income, saw significant quarter-to-quarter volatility in 2019. Flagstar pulled itself out of a rut in the fourth quarter but still posted a hefty net mortgage banking loss for the year. (Includes data chart.)
The biggest asset categories, consumer finance and credit cards, saw declines in bank investment during the fourth quarter, but the industry added ABS backed by auto loans, business finance notes and leases.
For the second year in a row, first-time buyers accounted for over half of agency purchase-mortgage business. Despite a substantial dip in the fourth quarter, overall purchase originations in 2019 hit their highest level in more than a decade.
The biggest gain in bank MBS investment over the past year was in agency pass-throughs, up 11.4% from December 2018, although holdings of non-agency securities also climbed 7.4%. (Includes two data charts.)
Arch Mortgage Insurance retained its ranking as the top private MI in the business, but several of its competitors gained market share in 2019. (Includes two data charts.)