Significant increases in securitization rates were recorded in the conventional-conforming, government-insured and nonprime markets. Relatively few jumbo loans are pooled in non-agency MBS. (Includes data chart.)
The merger with Morningstar could help DBRS expand its footprint in rating non-agency MBS but likely will have little effect on its share of the ABS market. (Includes two data charts.)
Analysts say homeowners are sitting on $6.2 trillion of home equity that could be converted to cash. But for many, refinancing is a better choice than a HELOC. (Includes three data charts.)
Credit unions, however, continued to grow their holdings of home-equity loans, up 1.9% to $92.5 billion as of the end of the third quarter. New HEL originations edged up 0.7% from the previous period to $9.7 billion.
The 7% drop from October ended eight consecutive monthly gains in Ginnie MBS issuance. Rate-term refinance activity continued to climb last month, but not enough to offset declines in purchase-money and cash-out refi transactions.
While production at the two government-sponsored enterprises rose a combined 6.7% for the month, hitting $117.55 billion, Ginnie issuance was off 7.3% from October.
Rate-term refinances drove the modest increase in agency MBS issuance in November, especially at Fannie and Freddie. Ginnie production was down. (Includes two data charts.)
The 47.3% share for refinance business was the highest since the fourth quarter of 2016. Retail remained the largest source of both purchase and refi business, but correspondent platforms saw the biggest improvement from the second quarter. (Includes four data charts.)
Inside Mortgage Finance found that lenders originated an estimated $369.0 billion of purchase mortgages in 3Q19, accounting for 52.7% of total first-lien production…