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.
Securitization of income-property mortgages rose 12.4% from the first to the second quarter and six-month volume was up from last year. Non-agency CMBS saw the biggest quarterly gain.
Top nonbank servicers continued to expand their agency MSR positions in the second quarter via acquisitions and organic growth. Wells Fargo, U.S. Bank and BofA were the only top-10 agency servicers to shrink.
The GSEs took hits to their net earnings as a result of hedging losses for the third straight quarter. The launch of the uniform MBS pushed Fannie and Freddie into an indemnification agreement.
The nonbanks that ranked among the top 50 players in the servicing business upped their combined portfolio by 3.5% during the second quarter, while depository institutions recorded a slight decline.