DBRS published proposed criteria this week to rate ABS backed by proceeds from Property Assessed Clean Energy programs. While the Federal Housing Finance Agency continues to place PACE-related prohibitions on mortgages delivered to the government-sponsored enterprises, the rating agency suggested that PACE programs are designed with a number of protections. Comments on the proposed criteria from DBRS are due Sept. 8. The firm would join Kroll Bond Rating Agency in offering ratings on PACE securitizations. KBRA has rated four PACE deals, the first of which was issued in March 2014 and all of which have received AA ratings. The PACE deals rated by KBRA were related...

So far, the privately held Angel Oak has said little about its securitization plans, as has its partner on this adventure, Nomura Securities.

Over the past few weeks, an unconfirmed rumor was making the rounds that Bank of America would once again begin securitizing newly originated mortgages through Fannie Mae. But a quick check with both parties indicates that the “cold war” between the two isn’t likely to thaw anytime soon. Terry Francisco, a spokesman for BofA said the bank is only selling Home Affordable Refinance Program loans to Fannie. The bank, he noted, discontinued securitizing newly originated non-HARP loans through the government-sponsored enterprise in 2012. According to figures compiled by Inside MBS & ABS, over the past three years almost all of the non-refinance activity between the two has centered...

Heavy refinance activity in the first half of 2015 caused a significant shift in the kinds of single-family MBS produced by Fannie Mae, Freddie Mac and Ginnie Mae. Issuance of MBS backed by adjustable-rate mortgages has dropped sharply in 2015, and ARMs haven’t had much of a presence for years. ARM MBS production by Fannie and Freddie in the first half of 2015 was down 20.1 percent from a year ago. The drop in Ginnie ARM securitization was less severe, 18.3 percent, but ARMs accounted for an even smaller share of overall production (1.7 percent) at Ginnie than the 2.9 percent share they had in government-sponsored enterprise MBS. Oddly, the heavy refinance market in the first half of 2015 did not appear...[Includes two data tables]

“Of course, there are no guarantees, and all of our announced sales may not close as we currently envision,” said Ocwen's Ron Faris.

ARM MBS production by Fannie and Freddie in the first half of 2015 was down 20.1 percent from a year ago.

Stop the office renovations? The CFPB may be unconstitutional after all...

In particular, Wells said it would “withdraw from mortgage marketing services and desk rental agreements with real estate firms, builders and certain other referral sources.”

State regulators have proposed changes to Nationwide Mortgage Licensing System & Registry licensing forms and call reports that would be a mixed bag for lenders, addressing some concerns while adding new reporting requirements. The proposal from the State Regulatory Registry, a subsidiary of the Conference of State Bank Supervisors, comes two months after an initial request for comments regarding NMLS licensing forms and the mortgage call report (MCR). Comments on the proposal are due Aug. 20. State regulators stuck...

An appeals court in the D.C. Circuit has ruled that a Texas bank has standing to challenge the constitutionality of the Consumer Financial Protection Bureau, an independent federal agency that regulates consumer financial products and services. A three-person judicial panel unanimously overturned a 2013 district court ruling, which concluded that the plaintiff did not have standing and that its claims were not ripe. In State National Bank of Big Spring, TX, et al. v. Lew, et al., the U.S. Court of Appeals for the D.C. Circuit reversed and ruled that the bank has standing to challenge the constitutionality of the CFPB as well as the recess appointment of its director, Richard Cordray. The bank, joined by two nonprofit organizations, originally filed...