MBS, ABS Issuance

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

July 22, 2016 - Inside MBS & ABS

Chase to Issue Its Second Large Prime Non-Agency MBS Of the Year, Unclear if Other Big Banks Will Follow

JPMorgan Chase is preparing to issue a $2.65 billion prime non-agency MBS, including a large share of mortgages eligible for sale to the government-sponsored enterprises. While company officials see promise in the new type of securities, industry participants offer mixed projections on whether other big banks will follow its lead. The planned Chase Mortgage Trust 2016-2 received AAA ratings from Fitch Ratings and Moody’s Investors Service. Mortgages eligible for sale to the GSEs account for 55.0 percent of the dollar volume backing the deal. As with the $1.89 billion Chase Mortgage Trust 2016-1 that priced in March, the bank will retain...


July 22, 2016 - Inside MBS & ABS

ABS Market Was Sluggish in 2Q16, But Issuance Surged In Early July, Building to Strong Third-Quarter Tally

New issuance of non-mortgage ABS faltered in the second quarter of 2016, but the market has rebounded strongly in recent weeks, according to a new Inside MBS & ABS analysis. New ABS issuance totaled $43.07 billion in the second quarter, a modest decline from the first three months of 2016. That put year-to-date production at just $86.42 billion, off 18.0 percent from the first six months of 2015. Activity picked up...[Includes two data tables]


July 15, 2016 - Inside FHA/VA Lending

Ginnie Mae Production Up Sharply Across the Board in Second Quarter

Ginnie Mae issuers produced a hefty $125.42 billion of new single-family mortgage-backed securities during the second quarter of 2016, according to a new Inside FHA/VA Lending analysis of MBS data. The government-insured market continued to run hotter than the Fannie Mae and Freddie Mac sector. Ginnie MBS issuance – including FHA’s home-equity conversion mortgage program – was up 31.1 percent from the first quarter, while single-family MBS issuance by the two government-sponsored enterprises rose 26.2 percent over the same period. Excluding HECM, Ginnie issuance was up 31.5 percent in the second quarter. While FHA forward mortgages continued to be the biggest source of collateral, the VA program actually produced a bigger gain, 42.4 percent, from the first to the second quarter. VA production saw a major boost in refinance activity, up 58.4 ... [Includes four charts ]


July 15, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


July 15, 2016 - Inside MBS & ABS

Single-Family Rental Deal Will Prepay for First Time As Progress Shifts Properties to New Securitization

Progress Residential is preparing to issue a new single-family rental security that will lead to the payoff of a $473.2 million deal issued by the firm in 2014. The payoff will mark the first time a single-family rental security has prepaid, according to industry analysts. The planned Progress 2016-SFR1 is a single-borrower single-family rental securitization that was initially planned to be backed by a $657.27 million loan secured by mortgages on 4,068 rental homes, according to ratings by Kroll Bond Rating Agency, Moody’s Investors Service and Morningstar Credit Ratings. A portion of the proceeds will fund the prepayment of Progress 2014-SFR1. The deal issued...


July 15, 2016 - Inside MBS & ABS

Non-Agency MBS Market Faltered in Second Quarter, Stumbling To Lowest New Issuance Since End of 2013

The non-agency MBS market shriveled up and nearly blew away in the second quarter of 2016 as new issuance totaled only $6.96 billion, according to an Inside MBS & ABS analysis. New production tumbled 17.0 percent from the first quarter of the year, which failed to top the $10 billion mark in issuance. The second-quarter total was the lowest output since the end of 2013, when just $6.11 billion of new non-agency MBS was produced. While there was a stiff decline in re-securitization activity from the first quarter, scratch-and-dent securitizations of nonperforming, re-performing and other dinged-up assets increased...[Includes two data tables]


July 14, 2016 - Inside Mortgage Finance

Ginnie Mae Plans to Roll Out a Revised ‘Acknowledgement Agreement,’ New Language Could Bring More Liquidity

Ginnie Mae is working on an upgrade to its “acknowledgement agreement,” in an attempt to bring more liquidity to the market and improve the ability of servicers to get loans collateralized by mortgage servicing rights on the agency’s mortgage-backed securities. In an interview with Inside Mortgage Finance, Ginnie Senior Vice President of Issuer and Portfolio Management Michael Drayne said the new version could be ready by the end of August or perhaps a few weeks later. “We’re getting a lot of feedback from the industry,” said Drayne. Presently, 25 to 30 percent of the agency’s $1.7 trillion portfolio is secured...


July 14, 2016 - Inside Mortgage Finance

Flow of Private MI Loans Into Fannie/Freddie Market Up Sharply in 2Q16, But FHA/VA Markets Also Surged

Fannie Mae and Freddie Mac securitized $58.61 billion of single-family home loans that carried private mortgage insurance during the second quarter of 2016, a solid 33.0 percent increase over the first three months of the year, according to a new ranking and analysis by Inside Mortgage Finance. The boost in private MI business was slightly stronger than the 26.2 percent increase in overall single-family mortgage-backed securities issuance for the two government-sponsored enterprises during the same period. Overall, the biggest increase in GSE business during the second quarter was...[Includes two data tables]


July 8, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


July 7, 2016 - Inside Mortgage Finance

Fannie/Freddie Business Surged in Second Quarter As Nonbank Sellers Claimed Over Half the Market

Fannie Mae and Freddie Mac saw significant increases in the flow of both refinance loans and purchase-money mortgages during the second quarter of 2016, according to a new ranking and analysis by Inside Mortgage Finance. And for the first time in a long while, nonbank mortgage companies delivered over half of the single-family mortgages securitized by the two government-sponsored enterprises. Fannie and Freddie securitized...[Includes three data tables]


July 1, 2016 - Inside FHA/VA Lending

Nonbanks’ Share of Government-Insured Market Growing Rapidly

Ginnie Mae has good reason to be concerned about rapid demographic change in its relatively small issuer community. Nonbank institutions – many of them relatively newly formed and based on nontraditional business models – are taking over the market. Nonbank issuers accounted for a whopping 69.4 percent of Ginnie’s issuance of single-family mortgage-backed securities during the first quarter of 2016. A year ago, their share was 64.6 percent. Two years ago it was 46.7 percent. With those kinds of gains on the production line, it’s not hard to see why nonbanks are claiming a growing share of Ginnie servicing outstanding. At the end of March, nonbanks owned 46.7 percent of Ginnie single-family mortgage servicing rights, up a hefty 11.5 percentage points in one year. That rate of growth can’t be accomplished just by producing new MBS because the servicing market simply doesn’t grow that fast. (Although the Ginnie market has grown significantly faster than any other segment of ... [ 2 charts ]


July 1, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


July 1, 2016 - Inside MBS & ABS

Agency-Backed CMO/REMIC Issuers and Underwriters: 6M2016


July 1, 2016 - Inside MBS & ABS

SCOTUS Refuses Case Involving Nonbanks and Preemption Of State Laws, Causing Uncertainty for Secondary Market

Pleas from the securitization industry for the Supreme Court of the United States to hear an appeal of Midland Funding v. Madden were rejected this week, prolonging uncertainty in sectors of the secondary market. SCOTUS may still consider the issue at some point going forward, according to analysts, providing hope for the industry. Richard Johns, executive director of the Structured Finance Industry Group, said the denial of certiorari for Madden will result in significant challenges for borrowers of credit cards, mortgages, auto loans and other financial products. “The injection of uncertainty into the credit markets will ultimately increase the cost of credit for all and directly impact the real economy,” he said. The Madden case involved...


July 1, 2016 - Inside MBS & ABS

Securitization Market Surged Strongly in 2Q16 Across All Sectors, Despite Some Weakness in June

New issuance of U.S. residential MBS and non-mortgage ABS revved up significantly in the second quarter, a new Inside MBS & ABS analysis reveals. Based on the best available data, a total of $400.72 billion of new MBS and ABS were issued during the three-month period that ended June 30. That figure could edge slightly higher as more information about end-of-month activity becomes available. Second-quarter MBS and ABS issuance was...[Includes one data table]


June 30, 2016 - Inside Mortgage Finance

Nonbanks Closing in on 50% Share of New Mortgage Originations in 1Q16, Still Gaining on Other Fronts

A new Inside Mortgage Finance analysis reveals that nonbank mortgage lenders have dramatically increased their share of new production over the past two years. Nonbank lenders captured an impressive 48.1 percent share of mortgage originations during the first quarter of 2016, in a database of over 170 lenders. That was up from just 39.1 percent two years ago in early 2014, and 45.2 percent in the first quarter of 2015. While new first-lien origination volume by the 88 banks in the database fell 4.0 percent from the fourth quarter of 2015, the 81 nonbanks managed...[Includes two data tables]


June 24, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


June 24, 2016 - Inside MBS & ABS

SEC to Re-Propose Long-Delayed Securitization Conflicts-of-Interest Rule Required by Dodd-Frank

The Securities and Exchange Commission will re-propose a rule addressing conflicts of interest regarding certain securitizations, according to SEC Chair Mary Jo White. The rule required by the Dodd-Frank Act was originally proposed by the SEC in 2011. “It’s proved to be much more complicated than our experts in the agency envisioned,” White said last week at a hearing by the Senate Committee on Banking, Housing and Urban Affairs. Section 621 of the DFA requires...


June 23, 2016 - Inside Mortgage Finance

First-Time Homebuyer Share of Home Purchases Increases, Origination Volume Up Sharply in 1Q16

First-time homebuyers account for a growing share of home purchases, and even though housing inventory is limited, originations of mortgages for first-time homebuyers are up sharply. First-time homebuyers accounted for 40.8 percent of home purchases in May, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The share for first-time homebuyers, based on a three-month moving average, was the highest level seen in more than five years. “Demand from first-time homebuyers is...


June 17, 2016 - Inside FHA/VA Lending

USDA Securitization Down in 1Q16, Agency to Lower Premium, Fees

Ginnie Mae securitization of rural home loans got off to a wobbly start in the first quarter of 2016 as securitization volume fell 13.8 percent from the prior quarter, according to an Inside FHA/VA Lending analysis of Ginnie data. Approximately $3.9 billion in loans with a USDA guarantee were securitized during the first three months, with the top five issuers accounting for $2.1 billion of mortgage-backed securities produced by the segment during the period. USDA securitization volume dropped 9.2 percent year over year. Top USDA issuer Chase Home Finance accounted for $1.2 billion of securitized rural housing loans, while PennyMac, in distant second place, finished the quarter with $378.5 million. Wells Fargo ($294.0 million), Pacific Union Financial ($122.8 million) and Amerihome Mortgage ($102.2 million), in sequential order, comprised the rest of the top five issuers. Pacific Union climbed over ...


June 17, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


June 17, 2016 - Inside MBS & ABS

Fed’s Proposal on Counterparty Credit Limits for Large Banking Organizations Seen as Threat to Securitization

A proposed rule issued by the Federal Reserve in March could increase costs and reduce securitization activities, according to industry participants. The Fed’s proposed single-counterparty credit limits for large banking organizations were required by the Dodd-Frank Act. The Fed proposed single-counterparty credit limits for domestic and foreign bank holding companies with $50.0 billion or more in total consolidated assets. The Fed first issued...


Poll

The yield on the benchmark 10-year Treasury fell to all-time low of 1.34% recently. How much better will originations be at your shop in the second half compared to 1H, if at all?

Better by 1% to 10%.
Better by 11% to 25%.
Off the charts better. Applications are great now.
Worse than 1H, but not by much.
A lot worse. But not sure on the damage.

vote to see results
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