Coworking is playing a more significant role in commercial real estate, posing new challenges to underwriting and valuation standards for the commercial MBS, rating services said.
The latest non-agency mortgage-backed security from JPMorgan Chase will include a higher share of conforming mortgages than the previous issuance from the firm. Chase is preparing to issue a $999.0 million MBS, according to presale reports from DBRS, Fitch Ratings and Moody’s Investors Service. Mortgages eligible for sale to the government-sponsored enterprises account for 65.1 percent of the collateral, amounting to $650.3 million. GSE-eligible mortgages ...
The $395.8 million nonprime mortgage-backed security Angel Oak Capital Advisors closed this week was met with strong demand from investors, according to the firm. “We believe that, relative to other recent [non-qualified mortgage] transactions, the tight pricing of AOMT 2018-3 demonstrates that investors have the confidence in and demand for the Angel Oak securitization program,” said Lauren Hedvat, a managing director of capital markets at Angel Oak. Pricing spreads ...
Starwood Property Trust plans to be a regular issuer of mortgage-backed securities backed by non-qualified mortgages after successfully closing its first deal this week. Loans in the $374.1 million issuance were sourced from Impac Mortgage Holdings, which is working to increase non-QM production, delivering the loans to Starwood and potentially other outlets. Jeffrey DiModica, president of Starwood Property Trust, said the real estate investment trust expects to be a “frequent issuer” ...
Ellington Financial could issue its second mortgage-backed security backed by non-qualified mortgages before yearend, according to officials at the nonbank. “We are nearing critical mass of product for a follow-on securitization and plan for that later this year, subject, of course, to market conditions,” said Laurence Penn, Ellington’s CEO and president. At the end of the June, Ellington held $150.2 million of non-QMs. Mark Tecotzky, co-CIO at Ellington, noted that the firm is increasing ...
Two lenders recently launched proprietary reverse-mortgage products. Quicken Loans’ One Reverse Mortgage unit is offering Home Equity Loan Optimizer. “With HELO, many high-value homes, condominiums, and solar-panel homes may qualify for a reverse mortgage,” One Reverse said. “Along with that, there is no mortgage insurance premium required and the amount clients may receive in proceeds is up to $4.0 million.” Longbridge Financial launched its Platinum ... [Includes two briefs]
Fannie Mae came under heavy criticism from certain elected officials and affordable housing advocates for extending $1 billion in financing to Invitation Home Loans, an SFR operator that’s publicly traded.
Certain SFR operators have been criticized for gobbling up thousands of properties for corporate ownership, thus removing these units from the inventory of homes available for sale.
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