3-Yr Low Ginnie Issuance as Book Surpasses $2 Tril
Annual securitizations were the lowest they've been in three years at Ginnie Mae. Jumbo issuance plunged by a third, but reverse mortgage activity was higher. The government-owned corporation's book of business broke $2 trillion.
|Purchases Lead Mortgage Biz Lower in Holiday Week
Weekly mortgage business slowed during the holiday week and was also down from last year. Home purchase financing business took the biggest weekly hit, though government was close behind,while refinances suffered least.
MSRs on Nearly $1 Billion in Ginnie Loans for Sale
Mortgage servicing rights are being offered on nearly 1 billion in Government National Mortgage Association loans. Most of the properties are located in the Golden State.
Rising Rates Drive ARM Share to 16-Month High
As interest rates on home loans climbed to the highest levels in seven years, refinances led weekly mortgage applications lower, and adjustable-rate mortgage share jumped to a 16-month high.
|Mortgage Biz Surges as Gov Activity at 4-Mth High
New mortgage business surged this past week as a four-month high was reached for government activity. Cashout share was the most narrow it's been in a year, while rate-term share was it's widest in seven months.
Government Loans Drive Mortgage Credit Tightening
Changes to government mortgage programs last month drove down overall mortgage credit availability. Jumbo credit conditions, however, were looser.
ARM Share of Mortgage Apps Widest in 4 Mths
A weekly bump in purchase-money applications was offset by a dip in refinances. The share of loan applications for adjustable-rate mortgages was the most broad it's been in four months. Government share thinned.
Annual HECM Endorsements Sink to 13-Year Low
The volume of reverse mortgages insured by the federal government descended last month, leaving annual activity at the lowest level in 13 years. New appraisal requirements are likely to exacerbate the slowdown.
Fannie Leads Agency MBS Issuance Lower
After leading agency issuance higher for two consecutive months, Fannie Mae was out front of a decline in securitizations last month. The spread between Freddie Mac's and Ginnie Mae's volume has been slashed from recent highs.
2nd Appraisal to Be Required on Some HECMs
Ongoing losses in the government-insured reverse mortgage program have led to a new policy that will require a second appraisal on some transactions.