Freddie Mac had its second-best purchase month of the year in September, but it also revealed why it has been gaining market share on its chief competitor, Fannie Mae: it has been adjusting the guarantee fee it charges lenders "up or down relative to the current level of security price spreads."Sources note that in recent months it has been doing more business with some large seller/servicers that normally send more of their conventional production to Fannie Mae. A few months back, Freddie said publicly that it would change the way it does business to improve the price performance of its participation certificates, which compete against comparable Fannie Mae securities. Freddie bought $90.8 billion in mortgages in September, a 9% decline from the total in August, which was its best month of the year. Freddie's retained portfolio grew by $26 billion in September. For the year to date its portfolio has grown by 13%, but the company warned that growth in the fourth quarter will be "low." Freddie Mac can be found online at http://www.fanniemae.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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