MBS, ABS Issuance

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

December 9, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


December 9, 2016 - Inside MBS & ABS

Freddie Tests CSP

Freddie Mac successfully boarded many of its MBS issuance functions on the Common Securitization Platform on Nov. 21. The government-sponsored enterprise is now using the platform for its data acceptance, issuance support and bond administration activities, according to Freddie and the Federal Housing Finance Agency. Freddie reiterated...


December 9, 2016 - Inside MBS & ABS

RMBS Market Will Keep Evolving in 2017 With More Varied Collateral, New Structures

New non-agency MBS issued in 2017 will likely include more diversified collateral and feature some structural changes, analysts at Moody’s Investors Service said in a new report this week. The rating service projected that non-agency prime jumbo volume will remain steady in 2017, while issuers will continue to explore non-traditional asset types, such as re-performing and non-performing loans, reverse mortgages, non-qualified mortgages and nonprime transactions. “Although prime jumbo deals will start to include loans with slightly lower FICOs and higher loan-to-value ratios than those loans included in 2016 transactions, collateral quality will remain...


December 9, 2016 - Inside MBS & ABS

SFIG Unveils Sample Deal-Agent Agreement and Bondholder Communications Plan in 5th Edition of RMBS 3.0 Green Paper

The Structured Finance Industry Group this week put more flesh on the bones of its proposed deal-agent role in future non-agency MBS and introduced a plan for improved communications among MBS investors. The fifth edition of SFIG’s RMBS 3.0 Green Paper adds recommendations on data standardization, enforcement mechanisms for breaches of deal terms and materiality standards. The new proposal on bondholder communications was drafted...


December 2, 2016 - Inside FHA/VA Lending

FHA, VA Deliveries to Ginnie Mae Increase During First Nine Months

Total FHA and VA originations increased during the first nine months of 2016 compared to the same period last year, although VA was more active, posting a double-digit production increase, according to an analysis of Ginnie Mae data. Lenders delivered $201.0 billion of FHA loans to Ginnie single-family mortgage pools over the last three quarters, up 4.8 percent from the previous year. Approximately 65.4 percent and 29.3 percent of FHA loans securitized were purchase loans and refinances, respectively. The remainder was loan modifications. VA originations totaled $143.2 billion over the same period, up 22.3 percent from last year. Refinances accounted for 51.9 percent of volume and purchase loans comprised 47.0 percent. The share of FHA loans in agency mortgage-backed securities for the nine-month period was 19.5 percent and 13.9 percent for VA. FHA loans accounted for ...


December 2, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


December 2, 2016 - Inside MBS & ABS

Despite Restrictions, PACE Securitizations Are Picking Up, Market Outlook for 2017 Optimistic

Securitization of residential and commercial loans with Property Assessed Clean Energy (PACE) assessments has been growing over the last few years despite having only a few market players, prompting analysts to predict continued growth for the PACE securities market. Residential PACE financing has increased to $2.9 billion with 130,000 home upgrades since 2010, according to second quarter 2016 data from industry group PACE Nation. Commercial PACE financing, meanwhile, has grown to $304 million with 820 commercial projects over the same period. Three programs accounted...


December 2, 2016 - Inside MBS & ABS

Courtrooms Attempt to Wrap Up Several MBS Lawsuits Stemming from Financial Crisis

Several pending mortgage lawsuits spawned by the housing crisis are inching closer to closure, including an apparent victory for Bank of America. The Department of Justice let the deadline pass to appeal a ruling from May in which BofA, defending practices of Countrywide Financial, escaped having to pay more than $1 billion in penalties to the Federal Housing Finance Agency. In 2014, a federal judge ordered...


December 2, 2016 - Inside MBS & ABS

Rate Shock Doesn’t Portend Well for Bank, Overseas Investors in MBS, Analysts Say

Analysts at Wells Fargo Securities worry that the post-election rate shock is not a positive omen for bank and overseas investors in MBS. “Since the U.S. presidential election, the 10-year yield has sold off by 55 basis points in a matter of two weeks,” they said in a recent client note. “Although banks and overseas investors are typically looking to buy on dips, large selloffs do not bode well for demand from these investors right after a rate shock. For banks, a large rate shock results in a hit on their regulatory capital.” According to their calculations, during the week ending Nov. 9, 2016, the net realized gains on bank portfolios declined...


December 2, 2016 - Inside MBS & ABS

SFIG Proposes Standards for ABS from Marketplace Lenders, Aiming to Support Growth Without Regulation

The Structured Finance Industry Group published recommendations this week for loan-level data disclosure for ABS backed by unsecured consumer loans originated by marketplace lenders. The proposal was the first in a planned series of “Green Papers” from the trade group that will seek to support “responsible growth” in the issuance of ABS from marketplace lenders. “The best practices initiative, rooted in supporting the responsible growth of securitization in the marketplace sector, will seek to identify a framework of standards and work to identify gaps in application or understanding,” SFIG said. The trade group said...


December 2, 2016 - Inside MBS & ABS

Agency MBS Production Slowed in November as Fannie Issuance Fell Sharply from Previous Month

New production of agency single-family MBS in November was down 8.2 percent from the previous month, according to a preliminary Inside MBS & ABS analysis. Fannie Mae, Freddie Mac and Ginnie Mae issued a combined $134.70 billion of single-family MBS in November, the lowest monthly total since July. A decline wasn’t unexpected: the housing market is on the downslope of its seasonal trend and rising mortgage interest rates are taking some of the steam out of the refinance market. What is a little unusual is...[Includes two data tables]


November 23, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


November 23, 2016 - Inside MBS & ABS

U.S. Swap Margin Posting Rules Could Impact New, Existing Structured Finance Transactions, Warns Fitch

New derivative rules requiring daily posting of two-way variation margin on affected derivatives could create uncertainties for structured finance transactions, warned Fitch Ratings in a recent analysis. U.S. banking regulators and the Commodity Futures Trading Commission have adopted the uncleared swap margin rules for covered swap entities. Specifically, registered swap dealers and all end users of derivative contracts must comply with margin collection, posting, segregation, and documentation requirements by March 1, 2017. New swaps executed after the 2017 effective date would...


November 23, 2016 - Inside MBS & ABS

Bayview to Issue a Non-Agency MBS Backed by Vintage Simple-Interest Mortgages, While Still Building Inventory

An affiliate of Bayview Asset Management is preparing to issue a non-agency MBS backed by nearly 5,000 vintage “daily simple-interest” mortgages, according to presale reports by DBRS and Fitch Ratings. If the deal is positively accepted by investors, there’s the potential for more issuance as Bayview is servicing a somewhat large portfolio of the loans. The planned $241.2 million Bayview Opportunity Master Fund Trust 2016-SPL1 is stocked with mortgages originated about 10 years ago. The loans – most of which have fixed interest rates – have a weighted-average interest rate of 8.926 percent. The so-called DSI mortgages differ from a standard mortgage in the calculation of interest owed by the borrower. With a standard mortgage, interest owed is calculated...


November 18, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


November 18, 2016 - Inside MBS & ABS

Freddie’s New $459.9 Million Whole Loan Deal Faulted for Limited Third-Party Due Diligence

Freddie Mac is set to issue a $459.92 million Whole Loan Securities transaction, according to a presale report from Moody’s Investors Service. The firm didn’t rate the senior tranche of the deal but did place a Baa1 rating on a mezzanine tranche of Freddie Mac Whole Loan Securities 2016-SC02. The government-sponsored enterprise priced the latest WLS transaction this week, with the deal expected to close next week. “We are pleased with the pricing levels and depth of investor participation in the WLS program,” said Kevin Palmer, senior vice president of credit risk transfer at Freddie. “We look forward to continued issuance in 2017.” Freddie has issued...


November 11, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


November 4, 2016 - Inside FHA/VA Lending

FHA, VA Loan Characteristics Mostly Unchanged in 3Q16

Most loan characteristics for FHA and VA mortgages securitized by Ginnie Mae during the third quarter were consistent with prior periods, though there was an uptick in average loan size. In the FHA space, the average loan amount rose 2.9 percent during the third quarter to $193,352. For VA loans pooled in third-quarter Ginnie mortgage-backed securities, the average rose 2.0 percent to $257,772. That is...[Includes three data tables]


November 4, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


October 28, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


October 28, 2016 - Inside MBS & ABS

Fannie, Freddie May Need a Strong December to Exceed $100 Billion in Multifamily by Year’s End

Thanks to increasing market demand and two expansions of their scorecard caps courtesy of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac could do more than $100 billion in combined issuance of multifamily MBS by the end of 2016 – if they have a strong December, that is. According to Inside MBS & ABS figures, Fannie’s new multifamily MBS issuance in the first nine months of 2016 was up 18.4 percent from the same period last year. Josh Seiff, vice president of multifamily capital markets and trading at Fannie, was...


October 28, 2016 - Inside MBS & ABS

Issuance of Securities Backed by Single-Family Rentals Bouncing Back; Two Unique Deals Hit the Market

Single-family rental securitization is increasing as spreads have recovered after sell-offs seen earlier this year, according to analysts. While issuance volume will likely be down this year compared with recent years, various factors point to relatively strong issuance of SFR securities going forward. Through September, $2.70 billion in SFR securities had been issued in 2016, according to commercial MBS data tracked by Inside MBS & ABS. That compares to $7.17 billion for all of last year. While issuance has lagged this year, Ying Shen, a research analyst at Deutsche Bank Securities, said...


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In 2016, what have you been paying your retail residential loan officers, on average, as a commission?

25 to 50 basis points per loan
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101 to 150 bps
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