Mr. Cooper Group and PennyMac Financial Services dominated the small group of publicly traded nonbank mortgage lenders with $525 million in net mortgage banking income for the fourth quarter. (Includes data chart.)
Most of the banking sector's 1% drop in servicing for others is attributable to declining balances at Wells Fargo and JPMorgan Chase. (Includes data chart.)
The agency MBS will likely see a 10% increase in new issuance when the March data come in, but non-agency MBS, ABS and CMBS production has dried up over the past three weeks.
DBRS and Fitch grew their RMBS market share in the fourth quarter as total issuance surged. S&P held on as the top ABS rating service in a slow year. (Includes two data charts.)
Some 60% of last year's agency single-family business came from markets that are now under shelter-in-places mandated by state governors. (Includes data chart.)
Some 59 nonbanks accounted for 60.6% of mortgage production by the top 100 lenders in the fourth quarter as their combined output rose 9.5% from the previous period. (Includes two data charts.)
Those 21 states accounted for $919.3 billion of single-family business funneled through Fannie Mae, Freddie Mac and Ginnie Mae into mortgage-backed securities issued in 2019.
The rapid rise in refinance lending in the second half of 2019 boosted consumer-direct activity for FHA/VA lenders, though the correspondent channel remained the largest source of new business. (Includes data chart.)
The Federal Reserve's revived MBS purchase program will likely absorb half of new monthly issuance, crowding out other investors that have carried the market for the past two years. (Includes two data charts.)