Correspondents gained 294 basis points of share in the third quarter, taking from both retail and brokers.

While retail continued to be the top channel in securitizations of conforming loans, correspondents gained 294 basis points of market share in the third quarter.

The retail channel boosted its share of conventional-conforming lending by 308 basis points to 43.2% in the second quarter of 2024.

The retail share of conventional-conforming production rose by more than three percentage points while government and nonconforming lenders turned toward correspondents. (Includes two data tables.)

Retail lenders and brokers boosted their respective market shares in government-insured mortgage production during the first quarter of the year though correspondents still were the dominant channel. (Includes data table.)

The steepest drop took place at Freddie, while Ginnie securitizations were relatively unscathed.

Agency securitizations of correspondent loans were sharply down in the first quarter of 2024 as volume dropped across the board. Refinances made a surprising surge, while credit quality remained unchanged. (Includes two data tables.)

Banks' income from mortgage banking operations declined by 24.6% in the fourth quarter.

FDIC call-report data show mortgage banking income at banks and thrifts declined by a quarter sequentially, although full-year profits dropped by just 4%. Chase was easily the most profitable bank in the mortgage sector. (Includes data table.)

The correspondent channel accounted for 37.0% of agency deliveries in the fourth quarter, up from a 34.6% share the previous quarter.