Nonbanks will likely account for over half of outstanding agency single-family servicing by the end of 2018 if market trends continue as they have in recent years.
Fannie Mae and Freddie Mac have been charged with exploring options to update their current FICO credit scoring model and make a decision this year as to whether to make the switch in 2019.
The agency – which still doesn’t have a permanent president – issued $443.2 billion of MBS backed by forward single-family mortgages in 2017, a 10.8 percent decline from the previous year.
Non-agency MBS issuance had its best quarter of 2017 during the final three months of the year, boosting annual production 30.2 percent higher than in 2016, according to a new ranking and analysis by Inside MBS & ABS.
The Department of Veterans Affairs and Ginnie Mae are ramping up efforts in 2018 to curb serial refinancing, including long-term solutions, increased portfolio monitoring and protection for veterans against predatory lending practices.
Angel Oak Capital Advisors saw stronger than expected demand from investors for a fund that focuses on non-qualified mortgages. AOCA announced last week that the private fund closed to new investors after raising $291 million, exceeding the initial goal of $250 million.
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