“Since mortgage borrowers are captive to a company they never chose to do business with, we are working hard to detect and deter violations of law,” said CFPB Director Rohit Chopra.
Smaller lenders, with comparatively smaller declines in volume, saw their market share rise in the first quarter at the expense of large banks and large nonbanks. (Includes two data tables.)
While mortgages with primary insurance coverage included in agency mortgage-backed securities declined in the first quarter overall, VA refi volume jumped. (Includes two data tables.)
The share of higher-risk lending going to the GSEs expanded slightly in the first quarter, but high-credit score mortgages continued to dominate business at Fannie Mae and Freddie Mac. (Includes two data tables.)
Ginnie Mae continued growing its forward-mortgage servicing portfolio during the first quarter, leading to a rising share of high-coupon mortgages. Meanwhile, the GSE servicing market contracted slightly. (Includes two data tables.)
Issuance of non-agency MBS rose strongly in the first quarter, with hefty gains in prime, ECM and NPL/RPL production. While the market was well ahead of its year-ago pace, there’s still some catching up to do with 2021 and 2022. (Includes three data tables.)
The top-line originations number held steady compared with the fourth quarter while movements in the mortgage market occurred beneath the surface. United Wholesale Mortgage regained its position as the largest lender in the first quarter.
The CFPB this week issued a report regarding numerous “junk fees” charged by mortgage servicers. The servicers were generally ordered to refund the fees and change their practices.
Production of new collateralized loan obligations as well as reset transactions in the first quarter of 2024 hit the highest level since the market reached all-time highs in 2021.
A surge in refinance activity — especially in the VA program — led to a significant increase in loan removals from Ginnie Mae MBS during the first quarter of 2024.
Sam Valverde, Ginnie Mae’s principal executive vice president, will serve as acting president, while Laura Kenney, senior advisor for strategic operations, will assume additional duties.
Agency MBS investors saw spreads widen in April due to volatility surrounding the Fed. Still, banks are showing demand for MBS and the market is poised for a boost, according to industry participants.
Both the prime jumbo non-agency MBS market and the expanded-credit sector posted sequential increases in issuance in the first quarter. (Includes data tables.)
A substantial slowdown in bulk sales of Fannie/Freddie servicing led to the lowest secondary market volume for agency MSRs since the third quarter of 2020. (Includes three data tables.)
Delinquency rates were down for all three government agencies and in every late payment category during the early months of 2024. (Includes data table.)
Figure Technology Solutions is offering its Digital Asset Registration Technologies registry to partners of Figure Lending to use for home equity lines of credit.
A deep dive into closing costs by the JPMorgan Chase Institute found that borrowers pay more in closing cost fees when leaning on brokers and nonbank lenders for mortgage financing.
Total issuance of Ginnie Mae mortgage-backed securities declined slightly during the first quarter of this year. Still, volume was up sharply from the first three months of 2023. (Includes four data tables.)
The Mortgage Bankers Association and Community Home Lenders of America want policy updates from the VA and FHA to respond to market changes that are anticipated following a proposed National Association of Realtors settlement tied to broker commissions.
A substantial slowdown in bulk sales of Fannie/Freddie servicing led to the lowest secondary market volume for agency MSRs since the third quarter of 2020. (Includes three data tables.)
The top-line originations number held steady compared with the fourth quarter while movements in the mortgage market occurred beneath the surface. United Wholesale Mortgage regained its position as the largest lender in the first quarter.
Both the prime jumbo non-agency MBS market and the expanded-credit sector posted sequential increases in issuance in the first quarter. (Includes data tables.)
Production of new collateralized loan obligations as well as reset transactions in the first quarter of 2024 hit the highest level since the market reached all-time highs in 2021.
Complaints filed with the CFPB regarding mortgage servicing went up in the first quarter of 2024, while issues tied to mortgage originations declined. (Includes two data tables.)
The nonbank share of GSE servicing hit 57.8% as of the end of March, up from a 57.0% share at the end of 2023. Two of the largest banks reduced their GSE servicing during the first quarter. (Includes two data tables.)
Total issuance of Ginnie Mae mortgage-backed securities declined slightly during the first quarter of this year. Still, volume was up sharply from the first three months of 2023. (Includes four data tables.)
The nonbank share of GSE servicing hit 57.8% as of the end of March, up from a 57.0% share at the end of 2023. Two of the largest banks reduced their GSE servicing during the first quarter. (Includes two data tables.)
A proposal from Freddie Mac to acquire second liens prompted immediate reactions. The GSE rebuts claims that its plan represents “mission creep” or that it would interfere with the existing securitization market for closed-end seconds.