Interplay between debt ceiling and mortgage interest rates; mortgage employment declines; rate locks down; Rithm considers spin-off; Planet Financial looking for lenders; new LO recruiting software; Blend’s market share grows; Black Knight’s margins; new appraisal marketplace; MISMO requests for comment.
With the U.S. debt ceiling resolution far from certain, investors in agency MBS are being careful in terms of financing and leverage. A U.S. default also has ramifications for outstanding MBS and ABS.
The pipeline for commercial MBS issuance is starting to fill up after a slowdown tied to volatility from the regional bank failures. Longer term, higher interest rates are a concern for loans in outstanding CMBS.
After a three-month hiatus, Fannie rebounded with $1.44 billion in CAS deals, while Freddie’s STACR issuance totaled $611.0 million. (Includes data chart.)
Owners of scratch-and-dent mortgages, especially nonbanks, can’t hang onto these problematic loans forever. The good news: Sellers are more likely to accept bids this year.
A Federal Deposit Insurance Corp. consent order against Cross River Bank, a partner in marketplace lending securitizations, won’t impact outstanding ratings on ABS, according to Kroll Bond Rating Agency.
Former Federal Reserve official joins SFA; delinquencies rising on credit card and student loan ABS; KBRA creates new business development role for structured finance.
Banks are reducing their appetite for new mortgage originations, particularly among non-agency products. Nonbanks see an opportunity to take some market share.
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