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Volume 2014 - Number 14

April 10, 2014

Issuance of Securities Tied to MSRs Expected to Increase as Nonbank Mortgage Servicers Grow

At the end of February, Ocwen Financial issued a $123.6 million security backed by mortgage-servicing rights on agency mortgages, the first of its kind. The security was attractive to investors as well as to nonbanks, with more transactions expected, according to the Urban Institute’s Housing Finance Policy Council. The transaction has a 14-year debt obligation and was secured by Ocwen-owned MSRs on mortgages with an unpaid principal balance of approximately $11.8 billion. Investors in Ocwen Asset Servicing Income Series 2014-1 receive a monthly payment of 21 basis points of the unpaid principal balance of the reference pool in the form of an interest-only strip, along with certain other payments. In a new analysis, the HFPC’s Laurie Goodman and Pamela Lee said...

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



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25 to 50 basis points per loan
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76 to 100 bps
101 to 150 bps
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