In the secondary market, issuers have had to deal with diminished demand for mortgage products originated prior to the recent runup in interest rates. Is the worst behind the sector?
Fannie’s CEO is set to retire. The GSE chair is departing as well; Waterfall Asset Management launches non-agency MBS with Ginnie EBOs; hurricanes impacting performance of solar ABS.
While states offered broad temporary flexibilities regarding LO licensing and location requirements during the pandemic, the transition out of the temporary standards has been bumpy.
So far, among public companies, Mr. Cooper CEO Jay Bray was the top mortgage earner in 2021 but many lenders have yet to file proxy statements. Meanwhile, MBA trimmed its production forecast.
Private mortgage insurers gained share in the primary MI market in the first quarter of 2022, helped by purchase-mortgage activity. VA loans accounted for the majority of refis with primary MI during the period. (Includes two data charts.)
Revised accounting standards for credit losses; troubles mount at Blend; MISMO updates iLAD, considers eNote standards for commercial market; MBA redesigns website, highlighting reduced content.