Jumbo Mortgages

Browse articles from all of our Newsletters related to Jumbo Mortgages.

May 11, 2012 - Inside Nonconforming Markets

Subprime Volume Indicators and ABX Prices

A half page of subprime and jumbo data.


May 11, 2012 - Inside Nonconforming Markets

Redwood Makes Investing, Accounting Shifts

Redwood Trust is looking to invest in mortgage servicing rights and recently adjusted its accounting for non-agency mortgage-backed security issuance, the real estate investment trust said last week. “The recent decline in the market value of servicing rights – from an historic range of roughly 5 to 6 times the annual servicing fee to approximately 2 to 3 times today – has piqued our interest in an investment in servicing rights,” Redwood said ...


May 11, 2012 - Inside Nonconforming Markets

EverBank Expanding Jumbo Lending, Closes IPO

EverBank completed a $192 million initial public offering of its stock last week, resulting in a deal that was 41 percent smaller than originally planned. The bank has recently expanded its retail and correspondent jumbo lending with an emphasis on cross-selling products to wealthy borrowers. “The availability of jumbo mortgages has significantly contracted,” EverBank said in an IPO-related filing with the Securities and Exchange Commission. “Because we originate ...


May 11, 2012 - Inside Nonconforming Markets

Redwood Sends Mixed Signals on Jumbo MBS

After a tough economic environment had officials at Redwood Trust considering whole loan sales in lieu of non-agency securitization, the real estate investment trust revealed last week that it profited from the two securities it issued during the first quarter of 2012. However, the REIT is still set to complete some whole-loan sales and even intends to add conforming-balance loans to its product menu ...


May 11, 2012 - Inside Nonconforming Markets

Non-Agency Market Dwarfed by GSEs, Industry Looks for Ways to Move Ahead

“The private market will never come back if the best deal for the private investor is the government,” Lewis Ranieri, chairman and founding partner of Ranieri Partners, said this week at the Mortgage Bankers Association’s National Secondary Market Conference in New York City. Talk at the conference focused on almost anything other than activity in the non-agency market. David Stevens, president and CEO of the MBA, said dealing with repurchase issues ...


April 27, 2012 - Inside FHA Lending

Lenders See Adverse Effect of MIP Hikes

Increases in mortgage insurance premiums and adjustments to loan programs will likely make FHA-insured mortgage loans more costly and difficult to obtain for future FHA borrowers, according to industry participants. Lenders estimate that about 40 percent of home purchases and even a larger share of first-time homebuyer purchases are insured by the FHA. They say the premium changes could have a detrimental impact on homebuyers in 2012. The FHA has increased its premiums in order to shore up its books in light of high delinquency and foreclosure rates and to strengthen its depleted capital reserves, which have ...


April 27, 2012 - Inside Nonconforming Markets

Subprime Volume Indicators and ABX Prices

A half page of subprime and jumbo data.


April 27, 2012 - Inside Nonconforming Markets

News Briefs

DBRS this week said seven firms are approved to provide third-party due diligence on non-agency mortgage-backed securities rated by the company. The companies are Allonhill, American Mortgage Consultants, Clayton, Digital Risk, Opus, RMG and R.R. Donnelley. Meanwhile, CoreLogic announced last week that Standard & Poor’s has approved the company as a third-party due diligence provider for non-agency MBS ... [Includes four briefs]


April 13, 2012 - Inside Nonconforming Markets

Subprime Volume Indicators and ABX Prices

A half page of subprime and jumbo data.


April 13, 2012 - Inside Nonconforming Markets

Capital One Sticks With Retail Jumbo Lending

Shortly after being acquired by Capital One Financial, jumbo lender ING Direct announced last week that it will exit the wholesale business. However, Capital One stressed that the lender will continue to offer jumbos on a retail basis. ING Bank was the sixth-ranked non-agency jumbo lender in 2011, according to Inside Nonconforming Markets, with an estimated $5.04 billion in such originations. That was down 26.9 percent from the previous year. A spokesman for Capital One said exiting wholesale lending will allow Capital One to ...


April 13, 2012 - Inside Nonconforming Markets

First Republic Seen as High-Quality Jumbo Lender

First Republic Bank – the primary source of loans for Redwood Trust non-agency mortgage-backed securities – has received high marks for its jumbo originations. FRB’s originations are concentrated around San Francisco, largely for wealthy borrowers. After relying on CitiMortgage for all of the loans in its first post-bust non-agency MBS issuance, Redwood has relied heavily on FRB. The lender accounted for a slight majority of the four securities totaling $1.41 billion Redwood has issued in 2011 and at the beginning of 2012 ...


April 13, 2012 - Inside Nonconforming Markets

Credit Suisse Issues Jumbo MBS, Credit Enhancement Questioned

A subsidiary of Credit Suisse Group issued a $741.94 million non-agency jumbo mortgage-backed security at the end of March, the first jumbo issuance by a company other than Redwood Trust since 2008. CSMC Trust 2012-CIM1 included some unique characteristics prompting criticism from Fitch Ratings and speculation about whether Credit Suisse will issue more non-agency MBS. Standard & Poor’s and DBRS placed AAA ratings on the senior bond in the privately-placed deal based on 8.00 percent credit enhancement. Fitch – which was paid to provide feedback on the deal but ultimately was not selected to rate the deal – said the credit enhancement for the AAA tranche should have been 9.75 percent ...


April 10, 2012 - Mortgage Beat

The Top Holders of Home-Equity Loans

This week’s issue of Inside Nonconforming Markets will include a ranking of the top 50 banks and thrifts in total home-equity lending business. Overall, banks and thrifts held $1.18 trillion in home-equity lines of credit, HELOC commitments and closed-end seconds at the end of...


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Are current mortgage underwriting standards too tough?

Yes, they don’t reflect current market conditions and need to be adjusted to allow borrowers with below 700 FICO scores and smaller downpayments to qualify for mortgages.
Yes, and something needs to be done to significantly reduce repurchase or buyback risk so that lenders don’t apply even tougher underwriting overlays.
No, the standards are appropriate given current risks and the major default problems the mortgage market has experienced over the past several years.

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