Nonbank lenders continued to dominate the agency single-family market, accounting for 76.6% of new business in August. Nonbanks delivered more than 80% of agency refinance loans last month. (Includes two data tables.)
The sharp decline in GSE Supers issuance was the result of the Federal Reserve wrapping up the conversion of its Fannie/Freddie MBS into aggregated form in the first quarter. (Includes two data tables.)
The second quarter brought a big increase in bank holdings of Ginnie Mae pass-throughs. Banks reduced their investment in GSE pass-throughs but upped their agency CMOs. (Includes two data tables.)
Several top nonbank lenders took significant writedowns on MSR during the second quarter, but the damage was less severe than in the previous period. Meanwhile, production-related income was up. (Includes data table.)
The first-quarter CMBS market was a tough act to follow, and non-agency securitization fell off sharply in the April-June cycle. Multifamily was a bright spot, including a big increase in Fannie issuance. (Includes two data tables.)
The volume of new mortgage originations with some form of primary MI coverage rose 25.5% from the first to the second quarter, with private MIs posting bigger gains than FHA and VA. (Includes four data tables.)