GSE Repurchase Activity: First Half 2013 Print edition with shipping in the U.S.
During the first six months of the year, lenders other than Bank of America repurchased $7.3 billion in loans sold to Fannie Mae or Freddie Mac. They succeeded in getting $6.7 billion in repurchase demands withdrawn. But still as of June 30, $5.0 billion in demands were pending or in dispute.
But, for many lenders, the big picture gets lost amid the flood of daily requests from Fannie and Freddie. They have no clear picture of their total exposure, how well they’ve done fighting back, or how their repurchase record compares to others in the industry.
GSE Repurchase Activity: First Half 2013 provides information on all buyback motion in the first six months of 2013. For each lender—including your own company—this data report breaks down by origination year
All repurchases made during 6M13,
All demands pending or in dispute as of June 30, and
All demands withdrawn during 6M13.
And for each of the 1,565 identifiable lenders faced with repurchase activity in the first half of 2013, you’ll have at a quick glance the total picture: the volume of repurchases and withdrawn demands during the period as well as the volume of pending or disputed demands at June 30. For each lender, you’ll also know the breakdown for each category between demands from Fannie and those from Freddie.
You’ll find the lenders ranked by volume and also listed alphabetically. For greater ease of use in your analysis and research, the report is also available in Excel™ format.
Use the data in GSE Repurchase Activity: First Half 2013 to benchmark your repurchase exposure and mitigation rate. See how the demands against your business in this time period compare to other lenders who have sold loans to Fannie and Freddie. Find out how they’ve fared in turning back the demand and whether your record is above or below par.
With GSE Repurchase Activity: First Half 2013, you’ll know:
Branch Banking & Trust, ranked at number 20 for volume of repurchases in the period, bought back $117.76 million in loans, with most of those repurchased from Freddie. The repurchases were spread somewhat evenly across vintages, although more came from 2008 ($31.64M) and 2011-12 ($24.10M) than from other years.
In the first six months of 2013, PNC Mortgage repurchased $37.3M in loans, including $11.1M securitized between 2011 and 2013.
Branch Banking & Trust won withdrawals on $58.9M in requests at the halfway mark in 2013, mostly from Freddie Mac, which accounted for $55.0M of the demands.
The 1,565 sellers who saw some buybacks activity in the first six months of 2013, whether it was a demand that was repurchased or withdrawn during the period or an open request in pending or disputed status as of June 30, ranged from #1 Countrywide ($7.0B total activity, of which $6.7B was repurchases from Fannie) to #1565 ShoreBank, which had just $150,000 in activity, all part of a pending/disputed demand at Freddie.
Leaving the mortgage business wasn’t enough to resolve MetLife Home Loans’ repurchase woes. At June 30, the lender still faced $5.8M in pending/disputed demands, all for loans securitized between 2008 and 2013. Nearly half date to 2009 and more than a quarter from the more recent 2011-2013 period.