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John Bancroft

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Agency Market Rides Heavy Refi Wave in 3Q19, Best Showing Since 2003

November 7, 2019

According to a new tally from Inside Mortgage Finance, refis accounted for 47.6% of first-lien originations in 3Q19 compared to 35.9% and 35.2% in the second and first quarters, respectively.

Refi Surge Bolsters Agency Retail Deliveries

November 5, 2019

John Bancroft

Purchase-loan activity increased significantly and continued to account for most agency business.

Juiced by Originations, Mortgage Banking Income Soars in 3Q19

November 4, 2019

John Bancroft

JPMorgan Chase was the top earner in the third quarter with $886.0 million in mortgage banking fees and related income, a three-fold increase from the previous period. However, the huge gain comes with a significant asterisk…

3Q19 Agency Refi Surge Lifts Retail Production

November 1, 2019

John Bancroft

In the third-quarter agency purchase-mortgage market, the retail channel generated loans with stronger credit characteristics than third-party platforms. For agency refi business, retail loans tended to have lower credit scores. (Includes two data charts.)

Mortgage Banking Income Soars in 3Q Lending Spree

November 1, 2019

John Bancroft

Chase reported a huge increase in mortgage banking income that resulted in part from internal accounting while Wells posted a big decline due to MSR writedowns. (Includes data chart.)

Fannie/Freddie Risk-Transfer Activity Cools in 3Q19

November 1, 2019

John Bancroft

It appears that Fannie’s risk transfers are slowing. The GSE issued only one Connecticut Avenue Securities deal in the third quarter…

Strategies Vary Widely as Nonbanks Grow GSE Share

November 1, 2019

John Bancroft

Quicken Loans follows a traditional strategy of building its GSE servicing through organic production, while NewRez has relied heavily on MSR purchases. (Includes data chart.)

GSE Risk-Transfer Activity Cools in 3Q19

October 31, 2019

John Bancroft

Freddie Mac's STACR issuance was up solidly in the third quarter, along with its reinsurance program. While Fannie’s CAS production was down, volume will pick up in the fourth quarter. (Includes data chart.)

CLO Production Down Sharply in Third Quarter

October 31, 2019

John Bancroft

Despite a solid gain in refinance transactions, CLO issuance fell 26% from the second to the third quarter. Octagon Investment Partners was the top is-suer at the nine-month mark. (Includes data chart.)

Nonbanks Expand Further in 3Q19 Mortgage Servicing

October 31, 2019

John Bancroft

The top five servicers managed a meager 0.5% increase during the third quarter despite big gains at NewRez and PennyMac. Nonbanks overall posted a 4.4% gain, although a handful of them reported declines. (Includes two data charts.)

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