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.)
But there were some hiccups in the overall trend. For starters, refi loans originated in the retail channel actually had slightly lower average credit scores than correspondent- and broker-originated refinances…
GSE single-family MBS issuance fell 1.6% from December 2019 to January 2020, but production was double its volume of a year ago. (Includes two data charts.)
Sales to Fannie and Freddie of refinance loans with private MI coverage rose 61.8% from the third to the fourth quarter last year. But the VA program remained the most refi-intensive sector.
A large concentration of refinance loans meant that retail mortgages sold to the agencies had higher credit scores — along with lower LTV and DTI ratios — than did third-party originations. Seller profiles were shaped by their channel strategies. (Includes two data charts.)