Agency MSR sales fell sharply from the fourth quarter of 2018 to the first three months of this year, according to an exclusive Inside Mortgage Trends analysis. Much of the downturn resulted from a return to more normal levels of Ginnie bulk deals.
Loan originators have to look for a good fit when they're searching for a coissuance partner for their servicing rights, experts say. That may mean leaving some cash on the table in exchange for predictability and ease of transaction.
A handful of nonbanks with limited production capacity saw significant gains in their GSE servicing portfolios during the first quarter, including New Residential Investment, Matrix Financial Services and Pingora Loan Servicing. Overall, Fannie/Freddie MSRs grew $9.1 billion from December.
Fannie and Freddie securitized $52.5 billion of single-family mortgages with private MI coverage in 1Q19, a 21.6% sequential decline, according to a new tally from Inside Mortgage Finance...
Big gains in prime and expanded-credit MBS issuance are driving the market, although production of scratch-and-dent deals fell sharply in the first quarter.
The sharp downturn in purchase-money loans going into Fannie and Freddie MBS was accompanied by an even bigger drop in deliveries of loans with private mortgage insurance.