Some have suggested that it’s no wonder that several mortgage company owners – including those who control specialty servicers – are contemplating selling their companies.

Real estate investment trusts that have gained access to Federal Home Loan Bank advances don’t seem particularly worried that they will be kicked out of the system, at least not anytime soon. As for when the Federal Housing Finance Agency will issue a final membership rule that addresses the thorny topic, that’s a different matter. The FHFA formally proposed changes a year ago that would ban captive insurance companies, the vehicle through which all REITs have gained membership. Even though public comments were taken, no final rule has appeared. In some circles, the “no action” stance is being read...

A memo issued by the Internal Revenue Service this year regarding the tax treatment for certain real estate mortgage investment conduits has been a boon for investors in nonperforming loans, according to William Cejudo, a partner at the law firm of Clifford Chance. At the recent ABS East conference sponsored by Information Management Network in Miami, Cejudo provided some background on Technical Advice Memorandum 2015-17007, which was issued by the IRS in May. The memo covered a life insurance company’s formation of a REMIC that held impaired non-agency MBS. “It’s...

Fannie Mae and Freddie Mac continued to tap investor interest in credit-risk transfer transactions over the last week or so, with each company announcing another deal involving more support from various elements in the insurance and reinsurance sectors. Last week, Fannie announced it has completed its latest Credit Insurance Risk Transfer transaction, which shifts credit risk on a pool of loans to a panel of reinsurers. In CIRT-2015-3 which became effective Aug. 1, 2015, Fannie retained...[Includes one data table]

Sources told IMFnews that one large loan origination system (LOS) vendor was struggling to make programming deadlines ahead of the TRID rule, a situation that had caught the attention of the CFPB.

One of the MI’s key products is lender-paid mortgage insurance, which has come under regulatory scrutiny.

One of the defendants, Intercontinental Capital Group, Bohemia, NY, has already settled and will pay $424,859.

New issuance of residential MBS and non-mortgage ABS fell slightly during the third quarter of 2015, but the market remained well ahead of the pace set last year. A new Inside MBS & ABS analysis shows a total of $396.99 billion of MBS and ABS were issued during the third quarter, down 6.1 percent from the previous quarter. That total does not include commercial MBS or multifamily securities issued by Fannie Mae, Freddie Mac and Ginnie Mae. On a year-to-date basis, total MBS and ABS issuance was...[Includes two data tables]

On a year-to-date basis, total MBS and ABS issuance was up 37.7 percent from the first nine months of 2014.

Industry groups stepped up their pressure on Congress to block a proposed rule that would alter membership requirements in the Federal Home Loan Bank system. The latest letter came this week and was signed by the Mortgage Bankers Association, National Association of Real Estate Investment Trusts, Independent Community Bankers of America and Habitat for Humanity International. The Federal Housing Finance Agency proposed...