The SEC has finalized a rule prohibiting certain conflicts of interest in the securitization market. Industry participants are largely happy with changes in the final version of the rule.

More punitive capital treatment of commercial real estate under Basel III could prove to be a boon for CMBS issuance.

The red-hot vehicle ABS market saw intense competition between S&P and Fitch for ratings supremacy. Kroll rode the resurgent ECM MBS market to boost its share of rated issuance. (Includes two data tables.)

After S&P made changes to its insurer risk-based capital adequacy criteria, Arch Capital canceled eight of its mortgage insurance-linked note transactions, citing newly unfavorable capital treatment.

Bank of America Global Research is projecting an increase in agency MBS issuance next year despite muted demand from banks.

REIT values can rise and fall depending on interest-rate swings. The good news is that rates have steadily dropped the past five weeks. The bad news: A rate cut by the Fed will need a recession to occur first.

The criteria include new calculations for property values and qualitative adjustments tied to loan-to-value ratio-sizing benchmarks.

UWM was the top originator of purchase loans for the first nine months of 2023, while Rocket held the lead in refinance lending. The FHA saw a rising share of purchase loans sold to the agencies in the third quarter. (Includes four data tables.)

The baseline loan limit for one-unit properties will be $766,550 next year. Home prices are projected to continue to rise in 2024 but the rate of growth is open to debate.

These are humbling times for warehouse firms that finance nonbanks. Commitments are down overall, as are usage rates. Also, it appears that Truist is having second thoughts about lending money to smaller nonbanks. (Includes data table.)