Wednesday, May 31, 2023
In May of 2023, $49B of new FNMA loans were originated. This is down $70B from May of 2021 and up a bit ($4MM) from a year ago. It is interesting that PMMs are now back to 2021 levels, but both categories of refis are down materially. As might be expected, the no cash-out refi was affected the most (down 96% from 2021) while the cash-out refis were down 81%. Both refi categories are down from 2022 as well. Credit quality (as measured by FICO, LTV & DTIs) seem to be holding up well.
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