Caliber Home Loans has announced the pricing of a $325 million term-note offering secured by Ginnie Mae mortgage servicing rights and excess servicing spread. The structure is the first Ginnie MSR-backed issuance with a subordinate class, which provides Caliber access to additional financing for MSR portfolio growth not previously available within the industry. Ginnie Mae, which cleared the proposed funding and liquidity strategy, said the subordinate structure is a first for a Ginnie servicing debt financing by an agency-approved servicer. The secondary market agency must review and approve all financing agreements based on Ginnie servicing rights, and their overall structures prior to their issuance, said an agency spokesman. Two other servicers, PennyMac and loanDepot, have issued debt backed by servicing rights. Their structures, however, did not include a subordinate piece. “We recognize this ...
Minority borrowers applying for an FHA or VA first-lien purchase mortgage were more likely to be denied than comparable white borrowers, according to an Inside FHA/VA Lending analysis of 2017 Home Mortgage Disclosure Act data. This finding was no surprise because the denial rates reflected the same historical trends for white and minority borrowers over the years. Approximately 727,865 FHA/VA loans went to white borrowers last year. Of the 978,981 government-insured loan applications submitted by white borrowers, 9.07 percent were denied. Of the 231,108 black borrowers who applied for a government-backed home loan, lenders rejected 14.57 percent. Out of the 285,707 FHA/VA loan applications submitted by Hispanics, lenders denied 11.42 percent. Asian borrowers submitted the least number of FHA/VA loan applications, 44,739. Lenders denied 11.36 percent. For FHA, the ... [Chart]
Although mortgage servicing sales dipped a bit in the first quarter, it appears the second quarter is turning out to be a potential scorcher – thanks to rising interest rates and a plethora of buyers.
The delinquency rate on residential mortgages declined in the first quarter of 2018, according to various data sources. Performance typically improves in the first quarter due to seasonal factors. [Includes one data chart.]
Packaging the loans into a non-agency MBS suggests that Flagstar expects better execution in the non-agency market than from delivering the mortgages to Fannie Mae or Freddie Mac.
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