Select Portfolio Servicing remained the largest nonprime mortgage servicer at the end of 2023. Delinquencies in the sector are climbing. (Includes data table.)
Originations of expanded-credit mortgages declined at a slower pace than total first-lien originations last year. Citi was the top ECM lender in 2023 even though its production was off 8.3% from a year ago. (Includes data table.)
Combined FHA/VA forward mortgage volume declined by 17.7% in the fourth quarter. For the full year, volume was down 19.9%. (Includes three data tables.)
The flow of refinance mortgages into agency MBS rose smartly from January to February. And year-to-date total issuance was up slightly from early 2023.
A sharp drop in jumbo originations in the fourth quarter of 2023 saw the sector’s market share of total first-lien originations narrow. (Includes data table.)
Top servicers’ jumbo portfolios declined from the third to the fourth quarter of 2023. But from a year ago, servicing volumes were up. (Includes data table.)
The biggest growth in the mortgage market during the fourth quarter was in home equity loans. Ginnie Mae continued as drum major in the MBS market. (Includes three data tables.)
When nonbanks suffer in the origination game, so do their bankers. According to the latest analysis from Inside Mortgage Finance, warehouse commitments totaled $96.0 billion at yearend. (Includes data table.)
Commercial banks posted a surprising increase in MBS holdings during the fourth quarter, while foreign investors, money managers, life insurers and credit unions also grew their portfolios. (Includes three data tables.)
The Structured Finance Association, which is developing a compliance tool to facilitate uniformity in the non-agency MBS market on QM standards, has run into a vexing issue regarding the definition of a QM.
Increased jumbo production from UWM helped boost broker originations, while Wells Fargo’s exit from correspondent lending hurt that channel’s market share as other lenders didn’t pick up the slack. (Includes data table.)
Ellington Financial, MFA Financial and AG Mortgage Investment Trust boosted net income in the fourth quarter and expect to see strong performance this year.
Banks and thrifts continued to report a decline in originations through their retail mortgage platforms in 2023. Cornerstone Capital Bank was the top bank retail mortgage lender in the fourth quarter.
In recent months, when interest rates have declined even slightly, loan applications have jumped, indicating that potential borrowers are keeping a close eye on interest rates. There could also be some relief on affordability as the inventory of homes for sale increased in February.
Lower-income households with mortgages have to make difficult budget choices to accommodate the resumption of student loan payments, new research showed. Overall, though, the payment restart is expected to have modest effects on mortgage performance.
Issuance of Ginnie Mae MBS increased by nearly 9.3% from January to February. The increase was due to a surge in refinancings. (Includes two data tables.)
Marcia Fudge, secretary of the Department of Housing and Urban Development, this week announced her retirement, effective March 22. HUD Deputy Secretary Adrianne Todman will step in as acting secretary.
President Biden last weekend signed a six-bill fiscal 2024 appropriations package that includes funding for the departments of Housing and Urban Development, Veterans Affairs and Agriculture.
At the National Association of Hispanic Real Estate Professionals conference this week, FHA Commissioner Julia Gordon said FHA financing becomes increasingly important as interest rates rise.
The biggest growth in the mortgage market during the fourth quarter was in home equity loans. Ginnie Mae continued as drum major in the MBS market. (Includes three data tables.)
Increased jumbo production from UWM helped boost broker originations, while Wells Fargo’s exit from correspondent lending hurt that channel’s market share as other lenders didn’t pick up the slack. (Includes data table.)
Commercial banks posted a surprising increase in MBS holdings during the fourth quarter, while foreign investors, money managers, life insurers and credit unions also grew their portfolios. (Includes three data tables.)
Fannie Mae and Freddie Mac accounted for 44.1% of all mortgage originations in 2023, compared with 48.6% in 2022 and more than 58% in both 2021 and 2020.
Issuance of Ginnie Mae MBS increased by nearly 9.3% from January to February. The increase was due to a surge in refinancings. (Includes two data tables.)
Fannie Mae and Freddie Mac accounted for 44.1% of all mortgage originations in 2023, compared with 48.6% in 2022 and more than 58% in both 2021 and 2020.