Nationstar Mortgage this week priced $300 million of asset-backed notes in what the company called “the first ever” securitization of collateral backed by agency servicing advances, a sign that nonbanks are beginning to see more liquidity for mortgage servicing rights. The yield on the Nationstar paper is an attractive 1.46 percent. The term is three years. And in another development in the same market, Home Loan Servicing Solutions, which is affiliated with Ocwen Financial, has signaled...
A major surge in the securitization of student loans helped push overall non-mortgage ABS issuance up 65.9 percent during the fourth quarter of 2012, according to a new Inside MBS & ABS ranking and analysis. Total non-mortgage ABS issuance climbed to $147.0 billion in 2012, up 15.9 percent from the previous year. It was the strongest market for ABS securitization since 2009, but still trailed the levels reached prior to the financial market collapse in 2008. ABS backed by retail vehicle financing were...[Includes two data charts]
Fannie Mae and Freddie Mac have created a limited prototype of their somewhat controversial standardized securitization platform and are working to address industry feedback, according to officials at the Federal Housing Finance Agency and the government-sponsored enterprises. Speaking at the American Securitization Forum’s ASF 2013 conference this week in Las Vegas, Patrick Lawler, chief economist at the FHFA, said a limited prototype of the securitization platform has been developed. Wanda DeLeo, deputy director of the FHFA’s office of strategic initiatives, said the GSEs continue to work on the prototype, which is based largely on the architecture outlined in an October white paper from the FHFA. The white paper received...
Although mortgage profits reported for the fourth quarter, so far, have been strong, trouble may lie ahead for the sector with lower gain-on-sale margins and moderately contracting spreads, according to analysts at Keefe, Bruyette & Woods.
Inside Mortgage Finance shortly will publish its final 4Q ranking of FHA lenders, but it appears that the October-December period was one of the strongest in terms of loan production in quite some time ...plus other mortgage briefs.
The government-sponsored enterprises are working several different risk-transfer pilots and will soon issue the securities, according to officials at the Federal Housing Finance Agency, Fannie Mae and Freddie Mac. Non-agency MBS investors appear eager for the securities, though a number of regulatory concerns remain, including complications with the Commodity Futures Trading Commission. Patrick Lawler, chief economist at the FHFA, said a risk-sharing transaction will hopefully be issued in the “not too distant future.” Speaking at the American Securitization Forum’s ASF 2013 conference this week in Las Vegas, Lawler and other officials with the FHFA and GSEs said risk-sharing transactions are a high priority this year. “The commitment is...
The Federal Housing Finance Agency said it has settled one of its numerous lawsuits against non-agency mortgage-backed securities issuers for misrepresenting deals that were sold to Fannie Mae and Freddie Mac before the mortgage market collapse.
Despite the bad press and the elimination of the standard fixed-rate reverse mortgage product from the Home Equity Conversion Mortgage program, reverse mortgages will continue to thrive simply because people grow old, former Ginnie Mae chief Joe Murin told Inside FHA Lending.
Lenders One, the nation’s largest mortgage cooperative, is telling its members they need to get their Fannie Mae servicing approvals by the end of January to be eligible for discounts under an affinity deal it has with the GSE.
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