Ellington Financial wants to speed up its issuance of non-agency mortgage-backed securities but competition for non-qualified mortgages is getting in the way. Ellington issued its first MBS backed by non-QMs in November. All of the mortgages in the $141.2 million deal were originated by LendSure. Ellington has an equity investment in the lender. Laurence Penn, president and CEO of Ellington, said the firm is preparing to issue another non-agency MBS and the nonbank would prefer to ...
Issuers of non-agency mortgage-backed securities continued to bring a variety of deals in May. JPMorgan Chase and Redwood Trust are set to issue separate prime non-agency MBS and nonprime MBS is on the way from Deephaven Mortgage and Lone Star Funds. Both Chase and Redwood continue to include mortgages eligible for sale to the government-sponsored enterprises in their issuance. Such loans will account for essentially half of the $650.5 million issuance ...
The Structured Finance Industry Group is developing best practices for servicing fees that are passed through to non-agency mortgage-backed securities. As part of the effort, the industry group is seeking examples of servicing fees that have been disputed. The non-qualified mortgage share of originations by banks increased slightly in 2017, according to a survey by the American Bankers Association. Some 10.0 percent of bank originations in 2017 ... [Includes five briefs]
The REIT was vague when describing what the cash will be used for, sticking to the standard line about using the proceeds for “general corporate purposes.”
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