GSE Seller Profile: 1Q17

Inside Mortgage Finance's GSE Seller Profile examines the sales at every institution that sold to Fannie or Freddie in 1Q17, from #1 Wells Fargo to #2248 First National Bank of Joliet. You'll have detailed information on where each seller is sourcing its loans—retail, correspondent or broker. You'll have particulars on the loan demographics—FICO score, loan-to-value, debt-to-income and loan size averages. You'll also see how the sales break down by product type—refinance or purchase. Dig deeper into the channel-specific data to get even more narrowly focused information on loan demographics and product type.

The particulars allow you to compare and contrast your results, as well as your products and processes, with the rest of the market to root out refinements and new approaches that will improve your own results.

The current report looks at the 2,248 sellers to the GSEs in the first quarter of 2017 and reports on their activity. You’ll find:

  • Ranking of the 2,248 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.

From the first quarter 2017 report, you'd learn:

Acquisition-keen Impac Mortgage, #37 in volume sold to the GSEs in 1Q17, sold $911.8 million in loans. Of these, $731.0 million came through the retail channel, $113.8 million from correspondents, and $67.1 million from brokers. Just nine percent ($85.2 million) were for home purchase.

Get these details, plus underwriting characteristics, for 2,247 other sellers.

First Republic Bank (#215) sold $75.8 million in loans to the GSEs, 83.2 percent of which ($63.0 million) were refinances. American Financial Network (#214) had the same sales volume, but its sales were more balanced between purposes, with just over half ($43.4 million) in refinances. Not surprisingly, AFN had looser underwriting, with credit scores 43 points lower, debt-to-income nearly 5 percent higher, and loan-to-value ratios more than 30 points higher.

Compare and contrast more than 2,200 sellers, every institution that sold a loan to either Fannie or Freddie during the quarter.

A loan is a loan is a loan, it would seem, at CCFCU Funding (#357). Loans sourced through the retail channel had very similar underwriting characteristics regardless of purpose, with FICO scores differing by just 0.2 points, average debt-to-income hitting the same ratio for both purchases and refis, and purchase loan size registering at less than $8,000 (under 5 percent) more than refis. The sole exception was loan-to-value ratio, which was 84.5 percent for purchase loans and 69.3 percent for refis.

Dive into underwriting characteristics channel by channel.

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

  • Who is making use of correspondents and brokers, and what type of business are those channels bringing in;
  • Who is lending to low FICO customers and what do the other loan demographics look like;
  • Who is doing a lot of purchase-money business and what kind of loans are they making;
  • Where is the business getting done—where do opportunities lie;
  • By lender, what are the average FICO, DTI, LTV, size, refi share, and channel breakdowns;
  • Whose business would match up well with yours to create a successful partnership.

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