GSE Seller Profile: 3Q13

In the third quarter of 2013, a total of 1,863 sellers did business with Fannie Mae or Freddie Mac. The 3Q13 edition of Inside Mortgage Finance’s GSE Seller Profile data report will help you pinpoint the varied strategies they used in generating loan originations and see where you can capitalize on the differences from your business.

The GSE Seller Profile: 3Q13 examines the loans sold to Fannie Mae and Freddie Mac between July 2013 and September 2013 to bring you extensive detail on GSE activity by lender/issuer—particulars such as average FICO score, average debt-to-income ratio, and average original loan-to-value ratio.

This report looks at the 1,863 sellers to the GSEs in this quarter and reports on their activity. You’ll find

  • Ranking of the 1,863 sellers by volume with detail on their market share, volume by channel, volume by loan purpose and average loan characteristics.

  • An alphabetical listing with rank, total volume and market share and detail on each seller’s volume by channel, volume by loan purpose and average loan characteristics.

  • Separate rankings of GSE sellers by channel with channel volume and market share. These rankings provide separate detail on average credit score, DTI, LTV and loan size for refinance and purchase loans.

  • Average coupon for the Top 100 sellers for each month in the quarter. You’ll find coupon rate for all loans as well as for each purpose and each channel.

The data in the GSE Seller Profile are derived by IMF’s research team from Fannie Mae and Freddie Mac loan-level mortgage securities disclosures.

Find out who’s doing what to score more business. For example:

  • Whose production relies heavily on correspondent lending;

  • Where the high FICO scores are;

  • Where the business is getting done—where opportunities lie;

  • What’s the average size of the loans your competitors are making;

  • By lender, what are the average FICO, DTI, LTV, size, refi share, and channel breakdown;

  • Analyze production strategies for competitive advantage and partnering potential.

Using the data, you can draw information about the market as a whole…

  • Although only 16 companies could claim more than a 1.0 percent share of the GSE market in 3Q13, a huge number of lenders, 1,863 to be exact, sold mortgages to the GSEs during the three-month period.

  • While nearly all of the 1,863 lenders active in 3Q13 had at least some retail originations, only 258 sold loans to the GSEs that had been originated by correspondents. Even fewer sold loans from the broker channel.

Or in fine detail about specific market players…

  • First California Mortgage Company (95th largest seller in 3Q13) split its business nearly evenly between refinance (52.3 percent) and purchase. Overall the market was weighted to refinance loans, which accounted for 63.3 percent of 3Q sales to the GSEs.

  • Union Savings Bank (Number 39) had the highest average FICO score among the Top 100 in the third quarter, 771.4. OneWest (#48) had the lowest, 701.5. The average for all sellers was 749.4.

  • Lake Michigan Credit Union sourced about half its sales from retailand the remainder from correspondents. The loans from the correspondent channel had slightly looser underwriting standards than the retail loans (747 FICO, 32.0 debt-to-income, and 87.4 loan-to-value on correspondent-sourced purchase loans as compared to 755 FICO, 29.3 DTI and 84.4 LTV for retail purchase loans). But the correspondent loans were also significantly larger, with an average loan size of $214,972 to retail’s $148,535.

  • In September, the loans that SunTrust sold to the GSEs had an average coupon of 4.125 percent. The rate for loans it generated from the retail channel was 3.998 percent. The rate on the purchase-money loans it made was 4.304 percent.

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