MtgeFi Blog
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Rocket Mortgage market share now over 40%
With total GSE issuance was down another 10% in April, production with inspection-based waivers remained steady. Rocket Mortgage continues to dominate use of inspection-based waivers, achieving 40% market share of delivered loans, and has yet to activate these solutions in the correspondent channel.
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Credit union home equity lending stays strong in Q4 2023
In 2023 there were 3,598 total credit unions submitting quarterly financial disclosures with 3,321 (92.1%) recording home equity on the balance sheet. Of these, 2,969 (82.5%) recorded HELOANs and 2,227 (61.9%) recorded HELOCs.
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Bank home equity lending is strong in 2023
This article reviews banks who originate, purchase and hold home equity loans (HELOANs) and lines of credit (HELOCs) on their balance sheet. We use quarterly bank financial statements to develop the information shared in this article, and will provide updates after the end of each quarter. These disclosures break out closed-end 1st liens and junior…
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Housing Finance Forecasts for 2024-2025 Now Converging in April 2024
Fannie Mae and MBA published their latest housing finance forecast for April 2024 this week providing estimates of the quarterly purchase and refinance origination volumes for 1st lien, closed-end, single family mortgages in 2024 and 2025. For April, the MBA and Fannie Mae forecasts for 2024 and 2024 are now more closely aligned as MBA…
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Over 492 Top Mortgage Correspondents Now Using Inspection-based Waivers
This article quantifies the number of top mortgage correspondents using appraisal alternatives in 2023. We publish monthly updates on the actual use of inspection-based waivers by GSE issuers, but to-date had only provided estimates of the utilization by mortgage correspondents. The most recent article for GSE issuers is available Select lenders maximizing inspection-based waivers in…
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Select lenders maximizing inspection-based waivers in March 2024
For March 2024, GSE issuance totaled $46.1N, up 24.1% on February. For property valuations, $40.3BN (87.5%) closed using appraisals, up 24.0%, and $5.05BN (11.0%) closed utilizing appraisal waivers, up 28.6% on the prior month. Lenders closed $700MM (1.52%) with inspection-based waivers, up 6.2% on February 2024. Overall, inspection-based waivers were 12.2% of the combined appraisal…
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Housing Finance Forecasts now available for March 2024
Fannie Mae and MBA published their housing finance forecast for March 2024 this week. These are estimates of the quarterly purchase and refinance origination volumes for 1st lien, closed-end, single family mortgages in 2024 and 2025. This article provides a brief review of these latest forecasts and highlights the major changes in projected loan originations,…
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Inspection based waivers for credit unions are growing in 2024
This article looks at GSE inspection based waivers for credit unions who originate & aggregated loans directly for their balance sheet in 2023, and for issuance with the agencies. This is for 1st lien closed-end 1-4 family residential mortgages. Credit union agency and portfolio lending For the full year there were 388 credit unions delivering…
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Inspection-based waivers saved borrowers an estimated $10.8 million in the past 12 months
Inspection-based waivers saved borrowers an average of $375 per loan, and $10.8M in total in the past 12 months. This is based on 28,745 inspection-based waivers being used on loans, and an average borrower fee of $600 for a 1004 single-family residential appraisal, and $225 for an inspection. Inspection-based waivers are being used as an…
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Housing Finance Forecast for February 2024
Fannie Mae and MBA published their monthly housing finance forecast for February 2024 last week. Currently these forecasts provide estimates of the quarterly purchase and refinance origination volumes for 1st lien, closed-end, single family mortgages in 2024 and 2025. This article provides a brief review of these latest forecasts and highlights the major changes in…