Two Harbors Investment more than doubled its jumbo mortgage-backed security issuance in 2015 compared with the previous year, but the increase wasn’t enough to make it worthwhile for the real estate investment trust to continue operating a mortgage conduit. “As we look forward, the environment just was not one that was conducive to the continuation of the business,” Thomas Siering, Two Harbors’ president and CEO, said last week during the REIT’s earnings call. “The market ...
The proposed rule from the Consumer Financial Protection Bureau addressing the TILA-RESPA Integrated Disclosure rule will likely help the non-agency market, according to industry participants. However, there’s also some frustration that the CFPB didn’t do as much as it could have to address cures and assignee liability. Industry attorneys note that if enough comments are submitted on the issues, the CFPB might make further changes to TRID. The changes proposed by the CFPB ...
Many servicers increased their jumbo portfolios during the second quarter, including both banks and nonbanks, according to a new ranking and analysis by Inside Nonconforming Markets. A group of 30 servicers handled an estimated $863.40 billion in jumbo mortgages as of the end of June, up 2.0 percent from the previous quarter and up 10.7 percent from the same time last year. Wells Fargo, the top jumbo lender, is also the largest jumbo servicer ... [Includes one data chart]
Among the top 15 subprime servicers, only Caliber Home Loans increased its portfolio during the second quarter of 2016, according to a new ranking and analysis by Inside Nonconforming Markets. Caliber handled $18.62 billion in subprime mortgages as of the end of June, up 4.4 percent from March. During that span, the total amount of subprime mortgage outstanding fell by 4.2 percent to an estimated $275.00 billion. Caliber has been originating ... [Includes one data chart]
Originations of non-qualified mortgages by Impac Mortgage Holdings declined in the second quarter of 2016 after rising steadily since the nonbank launched its non-QM program in 2014. Company officials pointed to low interest rates and demand for refinances of conventional mortgages for the decline. Impac originated $60.3 million in non-QMs in the second quarter, down from $74.0 million in originations in the first three months of the year. “Demand for non-QM loans has ...
Freddie Mac’s efforts to reduce holdings of nonprime mortgages and nonprime mortgage-backed securities are proceeding at a faster pace than efforts at Fannie Mae, according to a new analysis by Inside Nonconforming Markets. The government-sponsored enterprises had a combined $161.12 billion in nonprime holdings as of the end of the second quarter of 2016, down 6.3 percent from the first quarter and down 20.4 percent from the second ... [Includes one data chart]
S&P Global Ratings upgraded servicer ratings for Ocwen Loan Servicing to average from below average this week. Ocwen’s stock price increased significantly after the upgrade because of ratings clauses in Ocwen’s subservicing agreements with New Residential Investment. S&P downgraded Ocwen’s servicer ratings in June 2015 and if the ratings weren’t raised by April 2017, New Residential could transfer the subservicing to a different company. As of the end of ...
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