Prepayment speeds were up 22% in May on seasonality
But activity is still very low, as just 1% of the market is in the position to refinance thanks to high interest rates, Keefe, Bruyette & Woods said.
Secondary markets
FHFA’s Thompson blames “certain media” for distorting info about fees
During her opening remarks before lawmakers Tuesday, the head of the Federal Housing Finance Agency reiterated that borrowers with strong credit profiles are not being penalized to benefit those with poorer scores.
Modest recession still more likely than soft landing: Fannie Mae
The government-sponsored enterprise only tweaked the two-year mortgage origination forecast, with a $6 billion reduction for 2023, but an increase of $7 billion for 2024.
Ginnie Mae’s MBS portfolio topped $2.3 trillion in 1Q
Although issuance of new securitizations has been low compared to year-ago levels, it rebounded as spring buying began
Incenter puts $7 billion in mortgage servicing rights up for bid
The offering comes amid an ongoing wave of private and public MSR sales.
Angel Oak ekes out first profits in over a year
After a selloff toward the end of 2022 when it sought to reduce liquidity risk, the company resumed purchases of whole loans last quarter.
Bills seek to roll back recent change to mortgage pricing
The legislative proposals backed by Republican members of congress seek to undo the latest cross-subsidized adjustments to loan fees that two large government-related mortgage investors charge.
Servicing rights up for bid include $5.42 billion portfolio
A couple small deals with some unusual regional concentration also are in the market and one broker says many billions of dollars more are in the pipeline.
FHFA sets timeline for credit score and reporting changes
The agency, which oversees government-related investors that set underwriting parameters in the U.S. mortgage market, estimates the process will begin in 2024.
UBS, Credit Suisse pact stabilizes key source of mortgage financing
The government-backed acquisition heads off regulatory and financial concerns at a Swiss bank that could have affected overseas financial institutions that U.S. lenders count on.
How far the Fed’s facility is likely to go in stopping bank MBS woes
Institutions can borrow against par-valued securities that they would otherwise have to sell at a loss when there's a run on deposits, and it could have effectiveness beyond its actual usage.
FHFA delays debt-to-income pricing change for mortgages
The new fees based on the DTI, which lenders have said is too likely to vary throughout the origination process for a single loan, will now go into effect in August.
Silicon Valley Bank’s failure is a lesson for depositories with MBS
Mortgage-backed securities aren't generally considered risky assets, but how SVB managed them contributed to its woes.
What the SEC’s conflict of interest proposal may mean for mortgages
The government-sponsored enterprises will likely have their mainstay bonds exempted from the potential securitization-related rule, but their credit-risk transfers could be subject to it, some experts say.
Ginnie Mae reduces minimum size for securitized HECM pools by 75%
Interest rate increases and economic concerns led the government entity to lower the required amount from $1 million to $250,000.
Consumer credit resilient even as debt, delinquencies rise
Average scores remain unchanged but signs of payment stress keep emerging, with Fannie Mae's serious delinquency rate up for the first time since August 2020.
Loan modifications at GSEs dropped, but signs of early distress emerge
Foreclosure prevention actions overall fell for the sixth time in seven months in October, according to the FHFA.
Ginnie Mae ends 2022 with issuance rate far below pre-pandemic levels
The latest month's volume was more than $20 billion lower than in March 2020.
Multifamily mortgage volume likely to drop 11% in 2023
The sector is not immune to the same economic instability that affects the single-family residential market, the Mortgage Bankers Association said.
MBS will ‘bend, not break’ from credit woes and a bank retreat
Other investors could step into the breach as depositories depart, and the strain on nonconforming borrowers might not be that bad, recent forecasts suggest.
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