Officials at Wells Fargo said that in the first month of offering the non-FHA yourFirstMortgage, applications for more than $1.0 billion in production were received.
While FHA forward mortgages continued to be the biggest source of collateral, the VA program actually produced a bigger gain, 42.4 percent, from the first to the second quarter.
Officials at BofA have a positive outlook for originations, with the bank’s first-mortgage production pipeline at higher levels at the end of the second quarter.
The bill would expand flood insurance options by including private flood insurance and require the GSEs to accept any private flood insurance company a borrower chooses, as long as the company is financially sound.
The bank’s residential whole loan portfolio (based on average balances) totaled $275.85 billion at quarter’s end compared to $266.02 billion a year ago.
A new tax policy proposed by the Internal Revenue Service in April aimed at corporate “earnings stripping” tax avoidance maneuvers could cause significant problems for the MBS and ABS markets, according to industry participants. The proposed rule from the IRS under Section 385 of the Internal Revenue Code of 1986 would treat related-party debt as equity, aiming to reduce internal restructurings at foreign corporations by establishing new taxes. The Structured Finance Industry Group’s Tax Policy Committee submitted...
The non-agency MBS market shriveled up and nearly blew away in the second quarter of 2016 as new issuance totaled only $6.96 billion, according to an Inside MBS & ABS analysis. New production tumbled 17.0 percent from the first quarter of the year, which failed to top the $10 billion mark in issuance. The second-quarter total was the lowest output since the end of 2013, when just $6.11 billion of new non-agency MBS was produced. While there was a stiff decline in re-securitization activity from the first quarter, scratch-and-dent securitizations of nonperforming, re-performing and other dinged-up assets increased...[Includes two data tables]
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