On September 15, Recursion Data was cited in a story in Commercial Mortgage Alert that pointed out that Fannie Mae “has started to restrict the interest-only payment periods on debt backing properties built before 2000.” They cite Recursion data in pointing out that Fannie Mae purchased $4.2 bn in multifamily loans in August, bringing the year-to-date total to 35.3 billion, down 20% from the same period in 2022.
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Recursion is pleased to provide excellent support to all participants in this crucial segment of the commercial real estate market.

An article published in Commercial Mortgage Alert on June 9 stated that:“Fannie Mae will no longer offer 35-year amortization sched­ules on loans financing market-rate multifamily properties.”
 
They went on to state:“Loans with 35-year amortization schedules accounted for 26.5% of Fannie multifamily loans in May, the highest portion on record and up from 6.1% in the same month a year ago, according to data from Recursion Co., which has amortization data dating to 2016. The research firm also reported that Fan­nie notched $4.25 billion of multifamily business in May, down 14% from last year.”
 
The new policy takes effect on June 12. Loans with 35-year schedules providing support to affordable projects will continue to be offered. 
 
Recursion is pleased to be the preferred source for mortgage data and analytics for key information providers in the mortgage market.

On June 20th, MSCI Executive Director Yihai Yu published a report “Agency MBS Are Going Social”[1], describing the data disclosed by the GSEs in the social data space. He goes on to describe how the release of this data enhances their prepayment models. We are pleased to see that they cite Recursion data in their efforts.
 
Recursion is devoted to providing its clients with cutting-edge analytic tools to access timely and clean mortgage data at a deep level of detail conduct research of great benefit to all the participants in the mortgage market.  

In a recent story about the impact of the recent banking turmoil, National Mortgage News cited Recursion data in noting that both UBS and Credit Suisse have little direct tie to mortgage lending in the US. In the same story, Recursion Chief Research Officer Richard Koss was cited as saying that a hard landing in the economy related to bank issues could lead to cost pressure on servicers.  
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The article can be found on the National Mortgage News website (paywall).

The Commercial Mortgage Alert recent article “Agencies Open to Five-Year Loans” [1] cites Recursion data to document a recent surge in five-year commercial mortgages on the part of Fannie Mae and Freddie Mac. Market conditions are supporting the change in the profile of demand for Agency mortgages.

​According to a recent Commercial Mortgage Alert article Fannie and Freddie have become more conservative with credit exceptions and maximum proceeds. Compared to the lower debt-service coverage ratios and longer amortization schedules observed in the previous year, “Fannie’s delegated underwriting and servicing program booked $5.28 billion of activity in December, putting its full-year total at $69.30 billion, according to Recursion Co. data”, below the $75 billion cap set by Federal Housing Finance Agency. In the article, Recursion Co. was described as a data source “which historically has closely matched official production figures.”

We are proud to be cited as the leading provider of servicer data to the mortgage market. This data is used by investors, mortgage traders and the servicers themselves to obtain an accurate overview of the servicing landscape. Recursion data and analytics provide essential insights and productivity enhancements essential to thriving in a challenging environment.
 
The article can be found on the Commercial Mortgage Alert website (paywall).
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If you would like a copy of the article, please reach out to inquiry@recursionco.com.

On November 15, FHA released its annual report to Congress regarding the status of its Mutual Mortgage Insurance (MMI) Fund[1]. The highlight was the increase in the capital reserve ratio by almost 3% last year to 11.11% in 2022. This was the fourth consecutive year of significant growth in this measure of performance.

Recursion provided the analytics used to demonstrate successful fulfillment of FHA’s mission, as discussed in Chapter 2 - Access to Credit to Underserved Borrowers. Highlights include:

• FHA’s 84% share of purchase mortgages to first time homebuyers, which Recursion’s data showed was 37 percentage points higher than the share of originations for rest of the market in fiscal year 2022.
• FHA provides a greater share of its lending to low-income households than do other market participants.
• By share of total FHA originations, FHA served three times as many Black borrowers by share than the rest of the market, and two times as many Hispanic borrowers by share.
• FHA provides a greater share of its lending to homebuyers under the age of 35 than do other market participants.

And much more.

Recursion is proud to be the trusted provider of accurate and timely mortgage data to both public and private sector market participants.

https://www.mba.org/news-and-research/research-and-economics/single-family-research/single-family-research-for-mba-members-onlyRecursion is proud to report that it has made an agreement with the Mortgage Bankers Association to make its monthly Top 25 Agency Servicer Report available to MBA members. This report contains data on the size of the serving book,  issuance, prepayments, and MSR transfers for the top 25 servicers with 3 years of history., Recursion can provide industrywide data with bank/nonbank shares and reports at individual company level.

MBA members can download the report by login to MBA website, and click the link in "Single Family Member Only Research" area:

https://www.mba.org/news-and-research/research-and-economics/single-family-research/single-family-research-for-mba-members-only​
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The data are very timely, available on the seventh business day of the month for data through the prior month.​

Members and nonmembers alike who are interested in the vast amount of underlying information available, including agency, loan purpose, loan size, note rate, underwriting characteristics, geography at the state level, and much more, should reach out to: inquiry@recursionco.com