Agency securitizations of correspondent loans were sharply down in the first quarter of 2024 as volume dropped across the board. Refinances made a surprising surge, while credit quality remained unchanged. (Includes two data tables.)
Publicly traded banks reported a 21% increase in mortgage-banking income during the first quarter of 2024. Improving gain-on-sale margins accounted for much of the increase. (Includes data table.)
While overall correspondent sales to unaffiliated non-agency buyers declined in 2023, Veterans United increased its sales volume. (Includes data table.)
Philadelphia-based Republic Bank focused its mortgage production on jumbos with below-market rates. The bank also held agency MBS that lost value as interest rates increased.
A recent Fannie Mae study found that lenders are concerned about the lack of competition and rising prices of technology service providers’ solutions in the mortgage industry.
PennyMac booked a weak increase in servicing income due to a large loss tied to hedges for MSRs; First American’s CEO doesn’t expect the CFPB’s effort on lender’s title insurance to change much.
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.)