Securitization of home equity loans increased again in the first quarter, driven by closed-end second liens. Issuance is growing exponentially, helped by nonbanks and investor demand. (Includes two data tables.)

Ginnie to increase reporting requirements on defaults, loss mitigation; Fitch prepares to rate commercial PACE securitizations; loans for hotels near Disney World head into commercial MBS; FHA extends waiver tied to Ginnie multifamily MBS.

The pilot will only be available "in a handful of states."

United Wholesale Mortgage was the largest lender in 2023. Only 19 of the top 100 lenders increased their production during the year. (Includes data table.)

H.R. 5535, the Insurance Data Protection Act, would eliminate the authority for the Treasury Department’s Federal Insurance Office and Office of Financial Research to issue subpoenas to force insurance companies to provide data to the offices.

FHFA’s report disclosed special purpose credit program activity at the GSEs based on loan count rather than dollar volume.

Ginnie said the new loan-level default data will help it “better understand servicer liquidity stress and loss mitigation outcomes and improve sampling methodologies.”

Mortgage rates are higher than economists expected them to be because inflation and other data are coming in at unexpected levels. The missed projections aren’t surprising, according to Chase’s Jamie Dimon.

U.S. Bank originated $7.13 billion of mortgages in the first quarter.

Applications increased even as interest rates rose.