Deephaven Mortgage is preparing to issue a $221.14 million nonprime mortgage-backed security, according to a presale report from S&P Global Ratings. The majority of mortgages in the deal were originated by Angel Oak Mortgage Solutions, a firm that has issued nonprime MBS on its own. While loans from 43 lenders will be included in Deephaven Residential Mortgage Trust 2017-1, Angel Oak accounts for 59.6 percent of the contributions. The other correspondent ...
Issuance of mortgage-backed securities backed by newly originated nonprime mortgages increased in the first quarter of 2017, according to Inside Nonconforming Markets. An estimated $411.36 million in nonprime MBS was issued during the quarter, a 23.2 percent increase from the previous quarter. And no nonprime MBS was issued during the first quarter of 2016. Issuance in the first quarter of this year marked the second best quarter for volume since nonprime MBS activity ...
After some tightening in the fourth quarter of 2016, issuers of prime non-agency mortgage-backed securities in the first quarter of 2017 largely returned to the underwriting standards typically seen in the sector, according to an analysis by Inside Nonconforming Markets. Some $2.60 billion of prime non-agency MBS was issued during the quarter, spread across six deals, including a $1.03 billion issuance by JPMorgan Chase. Underwriting ... [Includes two data charts]
For Wells, the bigger question might be: did its “account fabrication” scandal of 2016 (which is still reverberating at the company) affect its mortgage business?
According to President Jerry Selitto, the company used traditional LOs when it launched in 2016, but then switched gears “after we realized that’s not the model we wanted.”
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