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Volume 2014 - Number 10

March 14, 2014

Nationstar Affiliate to Issue Servicer Advance ABS, Deals Are Attractive Despite Regulatory Scrutiny

An affiliate of Nationstar Mortgage is preparing to issue an ABS backed by servicer advances and deferred servicing fee receivables, continuing a trend of nonbank servicers fueling their growth via securitization. Industry analysts suggest that the deals offer good returns to investors, even with regulators increasing their scrutiny of nonbanks. The $1.96 billion servicer advance ABS from New Residential Investment is expected to close on March 18, according to a presale report by Standard & Poor’s. The deal is set to receive a AAA rating from the rating service. “Based on the nature of the assets which historically display high recovery typically at the top of the waterfall, we would view...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.



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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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