Interactive Mortgage Advisors is auctioning off $3.02 billion in Ginnie Mae residential mortgage-servicing rights for an undisclosed client. According to IMA, the seller is a “well-known, independent mortgage banker with very strong net worth and well-versed in servicing transfers.” The loans are being sub-serviced by LoanCare. The MSR package consists of 17,989 loans – FHA (15,288) and VA (2,610) – with an average loan size of $168,886. The yield on the underlying mortgages is 4.069 percent. The service fee is 0.2917 percent. An estimated 8.92 percent of all loans in the deal are delinquent. Approximately 3.07 percent of the loans are either in bankruptcy or in foreclosure. The top states in the transaction are Texas, which accounted for 11.4 percent of all loans; California, 9.6 percent; Florida, 8.1 percent; and New York, 5.8 percent. The deadline for ...

The first rated securitization backed by nonperforming Home Equity Conversion Mortgage loans contains strong, credit-positive features that outweigh the credit risk associated with nonperforming loans, according to a Moody’s Investors Service analysis. The effect of some of these positive features on the performance of Nationstar HECM Loan Trust 2015-2, however, depends on whether Nationstar Mortgage remains as servicer for the transaction, said the rating agency. Nationstar has a servicer rating of B2/Stable from Moody’s and is also the transaction’s sponsor. Nationstar issued NHLT 2015-2 in November 2015 and by the end of December, the first remittance report showed strong initial performance. Credit enhancement to the Aaa (sf)-rated notes increased by 1.69 percent in the first month of operations, Moody’s noted. “As long as Nationstar continues to be the ...

On Thursday, Redwood’s stock was trading for $12.41, just pennies above its 52-week low of $12.31...

However, for all of 2015, private MI volume in Fannie/Freddie MBS was up 25.2 percent from 2014...

At yearend, JPM held $157.1 billion of what it calls “prime mortgages” (including option ARMs), a stunning 48 percent increase over the past 12 months.

Yet another funder has pulled the plug on traditional retail mortgage lending, but will remain a correspondent buyer...

Despite receiving hundreds of comments against the proposed rule to ban captive insurance companies from membership in the Federal Home Loan Bank system, the Federal Housing Finance Agency forged ahead this week and issued a final rule banning them from the FHLBanks, upsetting many in the mortgage industry. The decision forces FHLBank members that had used their captive insurers to join the system prior to the FHFA’s proposed rule, many of which are ...

A 100 percent rejection rate? That's a problem...

In the past, some lenders have complained about forced buybacks because of loan defects even when a mortgage is current.

Alternative-documentation verification in the current market typically includes a review of bank statements, W2s, pay stubs, assets and more...