Continued growth in the refinance market pushed new agency MBS issuance slightly higher in October, offsetting further softening in the purchase-mortgage business. (Includes two data charts.)
Third quarter production of government-insured loans looks like an all-time record, while the conventional-conforming market saw its biggest output since 2003. (Includes two data charts.)
According to a new tally from Inside Mortgage Finance, refis accounted for 47.6% of first-lien originations in 3Q19 compared to 35.9% and 35.2% in the second and first quarters, respectively.
JPMorgan Chase was the top earner in the third quarter with $886.0 million in mortgage banking fees and related income, a three-fold increase from the previous period. However, the huge gain comes with a significant asterisk…
In the third-quarter agency purchase-mortgage market, the retail channel generated loans with stronger credit characteristics than third-party platforms. For agency refi business, retail loans tended to have lower credit scores. (Includes two data charts.)
Chase reported a huge increase in mortgage banking income that resulted in part from internal accounting while Wells posted a big decline due to MSR writedowns. (Includes data chart.)
Quicken Loans follows a traditional strategy of building its GSE servicing through organic production, while NewRez has relied heavily on MSR purchases. (Includes data chart.)