Some 12.9% of purchase loans sold to Fannie and Freddie in the second quarter had credit scores ranging from 620 to 699, the highest such concentration on record. But loans with high credit scores accounted for a rising share of GSE refi business.
Seven publicly held nonbanks reported a combined loss of $47.8 million on their mortgage banking operations in the second quarter as interest rate volatility hammered their servicing books.
Both GSEs posted their highest monthly volume of single-family MBS issuance since January 2017. Purchase-mortgage and refinance business rose significantly.
Private mortgage insurers came close to setting an all-time record for new business written through traditional flow transactions during the second quarter. FHA and VA also posted hefty gains from the first quarter.