GSE Seller Profile: 4Q14 Spreadsheet Format
Learn more about the market—and the particulars of each individual player in it—with Inside Mortgage Finance's quarterly report GSE Seller Profile. This exhaustive data report examines GSE sales lender by lender, for every lender that made a sale to a GSE during the three-month period. You’ll have detailed information on where the loans are coming from—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 1,863 sellers to the GSEs in the fourth quarter of 2014 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:
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.
From the fourth quarter 2014 report, you'd learn:
- Few of the sellers, just 9 percent, sold more than $100 million in loans to Fannie or Freddie. Nearly two-thirds sold less than $10 million.
- Credit standards are easing somewhat overall. (FICO scores were down in 4Q14 to an average of 742.1.) But sellers large to small are dealing in loans with considerably lower scores, including #10 Nationstar Mortgage (average FICO score in 4Q14, 716.0), #183 United Mortgage (711.1), #310 The Federal Savings Bank (722.0), and #548 Centris Federal Credit Union (721.7).
- While 97 percent of 4Q14 GSE sellers originated loans in the retail channel, only 16 percent sold loans brought in by correspondents and just 12 percent sold brokered loans. But some sellers relied heavily on these smaller channels: Crescent Mortgage, ranked 124th for total volume of loans sold to the GSEs in the fourth quarter, sourced 68 percent of its Fannie Mae and Freddie Mac loans from correspondents, while Verity Credit Union (#482) picked up 99 percent of its loans from brokers.
- In December, the loans that Arvest Mortgage sold to the GSEs had an average coupon of 4.203 percent. The rate for loans it generated from the retail channel was 4.243 percent. The rate on the refinance loans it sold was 4.301 percent.
- Guidance Residential (#135) made larger-than-market loans in the retail channel (average refinance loan size $256,338 compared to the market average of $174,521 and purchase loan average of $244,036 compared to the market average of $181,196) while hitting most of the underwriting numbers close to or better than the market averages. Its greatest deviation was in debt-to-income ratio, where it ran 2 percent or less above the market averages.