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.
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.