GSE Seller Profile: 2Q17

Inside Mortgage Finance's GSE Seller Profile examines the sales at every institution that sold to Fannie or Freddie in 2Q17, from #1 Wells Fargo to #1828 First Merit Mortgage Corp. 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 1,828 sellers to the GSEs in the second quarter of 2017 and reports on their activity. You’ll find:

  • Ranking of the 1,828 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.

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

NYCB, which is unwinding its single-family mortgage business, sold $401.55 million in loans to Fannie Mae and Freddie Mac in the second quarter, making it the 65th largest seller to the GSEs in the period. Of these loans, $21.71 million were created in the retail channel, $165.36 million came via correspondents, and $214.48 million were the product of brokers.

Get these details, plus underwriting characteristics, for 1,827 other sellers.

Navy Federal Credit Union, ranked at #150, sold $119.21 million in loans to the GSEs in 2Q17, $91.40 million of which were refinances (76.7 percent). Across town at Pentagon Federal Credit Union (#146), purchase loans played a bigger part than at NFCU: $54.09 million of the total $126.05 million in sales (42.9 percent) were for home purchase. FICO scores and debt-to-income ratios were similar at the two credit unions. But there was a nearly 10 point difference in average loan-to-value ratio and more than $25,000 spread in the average loan size.

Compare and contrast more than 1,800 sellers, every institution that sold a loan to either Fannie or Freddie during the quarter.

At Guardian Mortgage Company (#273), purchase loans sourced through the retail channel had an average FICO score 20.1 points higher than similarly generated refinance loans. The average debt-to-income ratio, loan-to-value ratio and loan size were all higher on the purchase loans as well (2.8 points, 13.4 points and $32,200 respectively).

Dive into underwriting characteristics channel by 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:

  • 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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Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.
The wholesale/table funder. They’re taking the financial risk.
The broker, but only for the first year. After that, the borrower is fair game.
Hard to answer. It’s a complicated issue.

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