Refinance business held up better than the purchase market in February, and a handful of issuers actually increased their Ginnie MBS activity. (Includes two data charts.)
While traditional non-agency jumbo lending lagged the overall market, the conforming-jumbo business was cracking. Fannie Mae, Freddie Mac and Ginnie Mae securitized $51.15 billion of single-family loans above last year’s $484,350 limit for one-unit properties.
Freddie Mac saw a much bigger decline in monthly volume than Fannie Mae and Ginnie Mae. February issuance suggests a tapering in refinance demand. (Includes two data charts.)
Fannie, Freddie and Ginnie securitized $51.1 billion of conforming-jumbo loans in the fourth quarter of 2019, but that represented 29.5% of total jumbo production. (Includes three data charts.)
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.