Primary Market

UNITED STATES RESIDENTIAL MORTGAGE MARKET SEGMENTS

Secondary Market

Source of Funds Mortgage Originators Mortgage Products Whole Loan Mortgage Investors Mortgage Securitizers Mortgage Security Investors

Conforming
U.S. Treasury Mortgage Brokers Commercial Banks Fannie Mae Fannie Mae
15/20/30 FRM Conv.
Hybrid ARM (3/1, 5/1, 7/1, 10/1)
ARM Conv. (multiple types)
Freddie Mac Freddie Mac Freddie Mac
Conforming PMI
Federal Home Loan Bank Advance Window 15/20/30 FRM Conv.
Hybrid ARM (3/1, 5/1, 7/1, 10/1)

Purchased Loans
Fannie Mae Ginnie Mae
ARM Conv. (multiple types)
Investment Banks
Jumbo
15/20/30 FRM Thrifts Private Conduits
Commercial Banks’ Hybrid ARM (3/1, 5/1, 7/1, 10/1) Security Dealers
Commercial Banks Mortgage Departments ARM Conv. (multiple types)
Insurance Companies
Savings Deposits

Jumbo PMI
Thrift Institutions’ 15/20/30 FRM
Thrifts Mortgage Departments Hybrid ARM (3/1, 5/1, 7/1, 10/1) Commercial Banks
Individuals
ARM Conv. (multiple types)

Credit Unions Credit Unions’ Federal Housing Admin. Thrifts

Mortgage Departments Pension Funds
15/30 FRM
Hybrid & Traditional ARM
Credit Unions
Nondepository
Warehouse Lenders Alt-A/A
Loan Documentation and
other variances for Mutual Funds
prime borrowers

Originated and Retained Loans

Commercial Banks
Subprime/Home Equity Pension Funds
Capital Markets ARM (multiple types)
Thrifts
Individuals
Rural Housing Service
Equity 30 FRM Credit Unions
Insurance Companies

Mortgage Banking U.S. Department of

Short and Long-Term Debt Companies Veterans Affairs Hedge Funds
15/30 FRM

E and O Hazard Credit Federal Rural Rating Private

Insurance Insurance Bureaus Housing Housing Companies Mortgage Fannie Mae
Admin. Service Insurance

Fidelity Title Real Estate Department of Fidelity E and O Bond Market

Insurance Insurance Appraisal PMI Veterans Insurance Insurance Freddie Mac Ginnie Mae
Affairs Association

Private Risk Intermediaries Public Risk Intermediaries Private Risk Intermediaries Credit Public Risk
Guarantee Intermediaries
© 2012 Mortgage Bankers Association. All rights reserved. July 2005