MBS prices staged a nice turnaround in the fourth quarter but trading volume weakened in December. A stronger-than-anticipated jobs report in early January sent rates northward but not terribly.
Agency mortgage securitizations can cause riskier behaviors from bank mortgage lenders and potentially lead to bank runs on deposits, according to a new research paper from the Federal Reserve.
Bank of America issued a resecuritization this week tied to a 2017 multifamily K-deal. It’s the first rated issuance of its kind from BofA since 2016. The new resecuritization received an A- rating.
Freddie Mac’s pilot program could dramatically reduce the frustrations lenders face due to repurchase requests for performing loans. For now, the initiative covers 15 lenders.
Counterintuitively, the bi-merge will increase the number of credit pulls necessary to complete the average mortgage loan application. Consumers will ultimately pay for those extra pulls.
Over the years, warehouse finance has been a good business for Texas Capital, but the pain suffered by its nonbank clients over the past year has affected the bank as well. Relief could come when the Fed starts cutting rates.
The commission structure for real estate agents looks likely to change as the National Association of Realtors and brokerages face charges of price fixing. The move is unlikely to have a major impact on mortgage lenders.
Three-plus weeks into the new year, a handful of large servicing deals are afoot. Arvest Bank is an active seller and Wells Fargo is contemplating its options as well.
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