Issuance of marketplace lending ABS is expected to increase slightly, led by optimism in the economy and improved underwriting criteria, according to rating services.
Velocity Financial, an active securitizer of nonprime mortgages, is ready for its maiden voyage in IPO land. One thing is for certain: Very few such firms are public.
The year is young but already MBS and ABS deals are being prepped. Meanwhile, the mortgage market is waiting to see the FHFA’s capital proposal for Fannie and Freddie.
Trade groups are wary that any capital rule issued after May could be over-turned if Democrats win the White House and control of Congress in the next election.
The Mortgage Bankers Association recommended changes to Ginnie Mae’s proposed Digital Collateral Guidance to clarify requirements for accepting digital promissory notes and other documents.
The Structured Finance Association has launched a task force to help the industry incorporate environmental, social and corporate governance practices into the issuance of MBS and ABS.
Its collateral has been performing well, but questions have been raised about Sterling Bank’s non-QM effort. For now, the program has been suspended but the depository is vowing a return.
The company, a player in non-QM lending, renewed a shelf registration with the SEC but it’s unclear whether it will tap the capital markets. Meanwhile, Mr. Cooper is redeeming some notes early.