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Volume 2014 - Number 5

February 6, 2014

At Least 10 Investors Have Raised $500 Million Or More to Buy MSR: Will Their Bets Pay Off?

Over the past two years, roughly a dozen investment vehicles have raised at least $500 million each to buy mortgage servicing rights, fueling a red-hot market that for now shows no sign of slowing. Some of these “funds” are headed by mortgage banking veterans such as Emanuel Friedman – the former co-CEO of Friedman, Billings, Ramsey Group – and Michael Lau, a former top deal maker at Phoenix Capital, one of the largest servicing brokerage firms in the nation. According to interviews conducted by Inside Mortgage Finance, Lau’s company, Pingora Loan Servicing, has amassed...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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