Broker-reliant United Wholesale Mortgage edged out Rocket, which prefers the retail channel, for the top spot in agency loan sales amid plummeting volume and deteriorating credit quality. (Includes data chart.)
Home-equity originations rose sharply in the second quarter as robust housing value growth and soaring interest rates formed a perfect environment for tapping equity by way of second-lien mortgages. (Includes three data charts.)
Ginnie Mae MBS issuance declined again in August as refinances and VA securitizations contracted. PennyMac continued to top the issuer ranking. (Includes two data charts.)
Loan sales to Fannie Mae, Freddie Mac and Ginnie Mae plummeted further in the second quarter as desperate lenders tried to boost volume by easing credit quality standards. (Includes one data chart.)
FHA and VA endorsements shrank more than 19% in the first quarter as interest rates climbed. Those who made a quick switch from refi to purchase business thrived. (Includes three data charts.)
As retail and correspondent loan sales to the agencies fell by 20%, lenders became visibly less discerning about credit quality, with credit scores dropping and DTI/LTV ratios rising. (Includes two data charts.)