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John Bancroft

@jbancroftimf

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Refinance Surge Boosts GSE Purchases for May

June 17, 2019

The $29.42 billion of refinance mortgages sold to Fannie Mae and Freddie Mac was up 30.2% from April and marked the biggest monthly volume since December 2017.

Refi Surge Boosts GSE MBS in May, Market Share Steady

June 14, 2019

John Bancroft

Fannie's MBS issuance was up significantly from April to May while Freddie posted a smaller monthly gain. Purchase mortgages and refinancing both rose substantially.

Mortgage Banking Earnings Weak Again in Early 2019

June 14, 2019

John Bancroft

The average firm posted a pretax net loss of $214,000 loss in the first quarter. Retail-focused lenders and independent mortgage bankers fared relatively better.

Banks Retreat a Little More From SFO, Values Soften

June 14, 2019

John Bancroft

While banks overall reduced their servicing for others, Chase, Flagstar, M&T and MUFG Union Bank all built up their portfolios in the first quarter.

Broker Channel Expanding in All Major Mortgage Products

June 14, 2019

John Bancroft

Broker originations accounted for a growing share of first-quarter production in all three major mortgage products. United Wholesale accounted for the channel's growth.

Slip, Sliding Away: the Fed’s Role in the MBS Market

June 14, 2019

John Bancroft

Commercial banks held a combined $1.673 trillion of MBS at the end of the first quarter, maintaining their position as the largest investor class in the market...

MBS Investors Step Up to Fill Central Bank’s Fading Role

June 13, 2019

John Bancroft

The Federal Reserve reduced its holdings of agency MBS by $47 billion during the first quarter, but several other investor groups picked up the slack. Total MBS outstanding grew 0.4% during the first three months of the year.

In Need of a Recovery: The Home Equity Lending Sector

June 13, 2019

John Bancroft

It was the weakest reading on home-equity originations since early 2015, when production of closed-end seconds and new borrowing on home-equity lines of credit totaled an estimated $38.0 billion.

Heavy Refi Activity Hurts Home-Equity Sector in 1Q19

June 13, 2019

John Bancroft

Home-equity lending fell 15% in the first quarter of 2019 as the total supply of HEL debt outstanding continued to shrink. Heavy cash-out refinancing was a factor.