Mortgage brokers feasted on a growing crop of refinance business during the second quarter, pushing the wholesale channel to a 14.6% share of new first-lien mortgage originations.
Quicken was the market leader in retail lending with UWM taking top honors (by far) in the wholesale category. Wells Fargo was the top correspondent buyer in 2Q19…
Fannie Mae and Freddie Mac acquired $2.83 billion of reinsurance coverage through the first six months of the year, down 29.9% from the same period in 2018.
The volume of broker-originated FHA and VA refinance loans pooled in new Ginnie MBS jumped 94.1% from the first to the second quarter. Correspondent production saw the smallest gains among the three channels.
Purchase loans still accounted for over two-thirds of Ginnie loan deliveries, but the volume of incoming refinance loans had a slightly higher increase from June.
Jumbo lending increased by 67.2% from the first quarter of 2019 to the second, faster than any other product category. Expanded-credit lending had the slowest growth rate.
A group of 15 top mortgage REITs increased its agency MBS portfolio by $20.9 billion during the second quarter of 2019, although non-agency MBS investment slipped modestly.