Choice mortgages carry rates that are roughly 100 basis points to 125 basis points higher than rates on Redwood’s super-prime program, known as Select.
Mortgage lenders last month pumped a hefty $112.36 billion of single-family home loans into the MBS platforms of Fannie Mae, Freddie Mac and Ginnie Mae, according to a new ranking and analysis by Inside MBS & ABS. July’s agency MBS production was up 2.9 percent from the previous month, though it still hasn’t caught up to the monthly volume issued from May of last year through January 2017. Year-to-date production was down 0.3 percent from the first seven months of 2016. The purchase-mortgage business continued...[Includes two data tables]
For months now, the industry has expected the Trump administration to tap veteran mortgage banker David Kittle to be the new president of Ginnie Mae – but so far it’s a no go. According to industry officials who claim to have knowledge of the matter, Kittle is still the top pick, and they’re not sure why his name hasn’t shown up on the White House “Nominations & Appointments” webpage. Kittle, so far, has declined to comment. Industry officials interviewed by Inside MBS & ABS believe...
Two high-profile real estate investment trusts – Annaly Capital Management and New Residential Investment Corp. – appear to be refining their investment strategies these days, heading in different directions in terms of what asset classes they prefer. New Residential is continuing to make huge bets on mortgage servicing rights. According to its just-released earnings statement, the investor is showing no reluctance whatsoever when it comes to size. A new tally from Inside Mortgage Finance shows that New Residential ended the second quarter with $353.0 billion of “full servicing” rights in its possession, up 40.1 percent from March 31. A year ago, the REIT wasn’t...
This week, the government-sponsored enterprises reported combined earnings of $4.86 billion in the second quarter, which was down 2.4 percent from the first three months of the year. The two GSEs’ fortunes went in opposite directions: Fannie’s net income rose 15.4 percent from the first quarter while Freddie’s was down 24.7 percent. Fannie CEO Tim Mayopoulos said...
In a move that would benefit the secondary market for loans made by national banks, members in the Senate and the House of Representatives recently introduced legislation to clarify that interest rates on certain loans remain unchanged after the sale or transfer of the loan. In the Senate, Democrat Mark Warner of Virginia late last week introduced S. 1642, which would amend the National Bank Act to clarify that loans which are valid when made remain valid when they’re sold, even to buyers subject to different state law. Similar language would be added to the Home Owners’ Loan Act, the Federal Credit Union Act, and the Federal Deposit Insurance Act. Joining Warner in sponsoring the bill were...
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