MBS, ABS Issuance

Browse articles from all of our Newsletters related to MBS, ABS Issuance.

May 27, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


May 27, 2016 - Inside MBS & ABS

Securitization Rates Remain Relatively Low in Early 2016, Even the Government Market Is Lagging

The share of new home mortgage originations packaged into MBS drifted slightly lower in the first quarter of 2016, a new Inside MBS & ABS analysis reveals. Some $255.7 billion of newly originated mortgages were pooled in MBS in the first three months of the year, representing a paltry 67.3 percent of the estimated $380 billion of first-lien originations in the primary market. For the purposes of calculating securitization rates, loans aged more than three months and modified loans are excluded from agency MBS issuance figures. Fannie Mae and Freddie Mac securitized...[Includes one data table]


May 27, 2016 - Inside MBS & ABS

Correspondence Between SEC and Redwood Shows That Publicly-Registered MBS Are Subject to Meticulous Scrutiny

Issuers of non-agency MBS willing to issue publicly-registered securities can look forward to thorough reviews by the Securities and Exchange Commission. Redwood Trust filed an updated shelf registration with the SEC this month and the SEC released some of the feedback that went into crafting the issuer’s new Form SF-3. Issuance of publicly-registered non-agency MBS has been minimal since the financial crisis, with issuers seeing pricing in the private 144A market as adequate. Public transactions are subject to more extensive disclosure standards than private deals. An initial letter from the SEC dated Oct. 29, 2014, noted...


May 20, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


May 20, 2016 - Inside MBS & ABS

SEC Providing Issuers with an Opportunity to Test Asset-Level Disclosure, Receive Feedback

The Securities and Exchange Commission is allowing MBS and ABS issuers to test asset-level disclosures and receive feedback in advance of requirements that take effect Nov. 23. Through July 15, issuers can request that SEC staff provide feedback on a test filing for compliance with the asset-level disclosure requirements set by the so-called Regulation AB2. The filings will be submitted via the new Form ABS-EE. Under Reg AB2, an ABS issuer that makes an initial bona fide offer on or after Nov. 23, 2016, must provide...


May 20, 2016 - Inside MBS & ABS

Single Security, CSP Still on Target for 2-Stage Launch, $270 Million Sunk Into Project so Far

Freddie Mac and Common Securitization Solutions remain on track for the first stage of the ambitious Single Security to be implemented next year, according to officials speaking at this week’s secondary market conference sponsored by the Mortgage Bankers Association. David Applegate, CEO of CSS – the joint venture owned by the two government-sponsored enterprises that is building the common securitization platform – also said the project is on target to reach the second stage sometime in 2018. That’s when Fannie Mae will switch its to-be-announced business to the CSP and begin issuing Single Securities that will be fully interchangeable with Freddie Single Securities. Renee Schultz, senior vice president of capital markets at Fannie, said...


May 19, 2016 - Inside Mortgage Finance

Industry Execs Consider Liquidity, Bringing Private Capital into Government-Dominated Market

The heavy role of Fannie Mae, Freddie Mac and Ginnie Mae in the post-crisis mortgage market has brought lower rates and considerable liquidity to the mortgage business, but industry leaders question whether private capital can meet the growing need to finance nonbank servicing portfolios and the eventual pullback of the Federal Reserve. “We wouldn’t have the same price we have now without the government being there; its programs provide a 2 to 3 percent discount,” said Stan Middleman, CEO of Freedom Mortgage Corp., during a panel session at the Mortgage Bankers Association’s secondary market conference this week. “They are the whole enchilada. If you took them out, we’d have nothing.” The government-sponsored enterprises are...


May 13, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


May 13, 2016 - Inside MBS & ABS

Most CMBS Refi Conduit Loans Are Likely to Pay Off. Will New Issuance Slow Later This Year?

The CMBS market is a few quarters away from seeing the post-crisis refinance wave crest at levels above $12 billion, which would be double the recent pace of conduit loan originations, according to a new report from Moody’s Investors Service. But other analysts wonder if pending risk-retention requirements, a rate hike surprise from the Federal Reserve or other unanticipated developments will put a damper on recently restarted new issuance. Regarding the former, ...


May 13, 2016 - Inside MBS & ABS

SoFi has Securitized Student Loans and Now Has Fannie Approvals; Will ‘Marketplace’ Scrutiny Rock the Boat?

Marketplace lender Social Finance this month received seller/servicer approvals from Fannie Mae, but it remains to be seen just how active it will be in the secondary mortgage market. According to a spokesman for the privately held “SoFi,” the nonbank is now funding roughly $100 million per month in non-agency jumbos. According to firms that have done business with SoFi, it has sold the loans to OneWest Bank and Wells Fargo. To date, the online lender has yet to issue any ...


May 6, 2016 - Inside FHA/VA Lending

Correspondent Channel Plays Huge Role in 1Q FHA Purchase Lending

Retail loan originations account for most new VA lending, but the correspondent channel plays an outsized role in the FHA market, especially in purchase-mortgage lending, according to a new analysis of Ginnie Mae mortgage-backed securities data by Inside FHA/VA Lending. Over half (51.1 percent) of VA loans securitized through Ginnie MBS in the first quarter of 2016 were retail originations, but only 39.1 percent of FHA loans came through that channel. The biggest source of FHA loans was correspondent lenders, which accounted for 45.8 percent of loans securitized during the first three months of this year. That was actually slightly below the 49.2 percent correspondent share of FHA loans back in 2014 and 46.8 percent last year. Correspondents accounted for well over half (53.9 percent) of FHA purchase mortgages during the first quarter, while playing a more ... [ 3 charts ]


May 6, 2016 - Inside Nonconforming Markets

TRID Guidance to Help Non-Agency, Eventually

After months of pleading by participants in the non-agency market, Consumer Financial Protection Bureau Director Richard Cordray said the agency will issue formal guidance regarding the TRID mortgage disclosure rule. The announcement last week regarding issues involving requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act prompted relief and apprehension among industry participants. And help for the non-agency market doesn’t appear to be moving quickly, as Cordray said the effort will start with a notice of proposed rulemaking in late July. Cordray revealed...


May 6, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


May 6, 2016 - Inside MBS & ABS

Investor Demand for Non-QM MBS Fairly Low, Limiting Prospects for Issuance in the Near Term

Industry participants are gearing up for non-agency MBS backed by non-qualified mortgages, but don’t expect a flood of volume anytime soon. Four non-agency MBS backed by new nonprime mortgages were issued in 2015, the largest of which was a $150.35 million deal from Angel Oak Capital Advisors. None of the deals were subject to risk-retention requirements that took effect at the end of 2015 and none were rated. A rating on a non-QM MBS could improve...


May 6, 2016 - Inside MBS & ABS

Agency MBS Market Springs to Life in April, But 2016 Production Still Trails Last Year’s Pace

A surge of new refinance business and a seasonal uptick in purchase-mortgage activity helped lift agency issuance of single-family MBS in April, according to a new Inside MBS & ABS analysis and ranking. Fannie Mae, Freddie Mac and Ginnie Mae produced $108.95 billion of new single-family MBS last month, the strongest monthly output since September 2015. Gross new issuance was up 9.8 percent from March, but on a year-to-date basis, production was still down 3.9 percent from the volume generated in the first four months of 2015. Ginnie saw...[Includes two data tables]


May 5, 2016 - Inside Mortgage Finance

Some Nonprime/Non-QM Lenders Get Right With TRID and Expect to Double Production This Year

Like the rest of the industry, the small but growing nonprime sector has struggled with the integrated disclosure rule known as TRID, but for the most part such lenders have adjusted and are now seeing a noticeable increase in both applications and production. At least that’s the view of two of the largest players in the market: Angel Oak Mortgage Solutions, Atlanta, and Citadel Servicing Corp., Irvine, CA. Each firm now expects to fund between $800 million and $850 million this year. They did...


April 29, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


April 22, 2016 - Inside Nonconforming Markets

Slight Movement in MBS Underwriting Trends

Underwriting standards on the four prime non-agency mortgage-backed securities issued in the first quarter of 2016 loosened marginally compared with the typical prime jumbo MBS issued in recent years, according to a new analysis by Inside Nonconforming Markets. The combined loan-to-value ratio on prime non-agency MBS issued in the first quarter of 2016 averaged 69.8 percent. That was somewhat higher than the average combined ... [Includes one data chart]


April 22, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


April 22, 2016 - Inside MBS & ABS

Velocity to Issue Non-Agency MBS Backed by Residential and Commercial Investment Properties

A lender that focuses on investment properties is preparing to issue a non-agency MBS backed by adjustable-rate mortgages on residential and commercial properties. The deal shares some characteristics with non-agency MBS backed by new loans, but it’s different in a lot of ways. The planned $358.60 million Velocity Commercial Capital 2016-1 received provisional AAA ratings this week from Kroll Bond Rating Agency. Residential properties account for 55.3 percent of the collateral, with small commercial properties making up the rest. All of the mortgages backing the planned MBS are for investment properties. Velocity Commercial Capital issued...


April 22, 2016 - Inside MBS & ABS

Non-Mortgage ABS Production Rebounds in Early 2016 But Fell Well Short of Volume Issued Last Year

Thanks to a resurgence of deals backed by vehicle-related financing, non-mortgage ABS production rebounded strongly in the first three months of 2016, according to a new Inside MBS & ABS analysis and ranking. But ABS issuance levels came up well short of the volume generated during the first three months of last year, and a few key segments continued to limp along. A total of $41.42 billion of non-mortgage ABS were issued...[Includes two data tables]


April 15, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance


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