Freddie Mac is preparing to sell its second “Whole Loan Securities” transaction, according to a presale report from Moody’s Investors Service. The planned $634.64 million deal will be structured like a non-agency mortgage-backed security with senior tranches and subordinate tranches. Unlike the first deal from the government-sponsored enterprise, the planned issuance received ratings on some of the subordinate tranches. The unrated senior ... [Includes three briefs]
Thanks to declining interest rates and higher prepayment speeds in the third quarter – especially on Ginnie Mae receivables – several publicly traded nonbanks were forced to write down the asset value of their mortgage servicing rights, causing millions of dollars in red ink. According to a review by Inside Mortgage Finance of the earnings statements of six nonbanks, the combined servicing markdown was an ugly $448 million. The group includes Nationstar Mortgage, Ocwen Financial, PennyMac Financial Services, PHH Corp., Stonegate Mortgage and Walter Investment Management Corp., the parent of Ditech Financial. Walter took...
loanDepot Inc. this week priced its much anticipated initial public offering, valuing its soon-to-be-listed shares – 34.5 million units in total – at $18 each or roughly $621 million, a lofty valuation for a company that owns just over $20.9 billion in mortgage servicing rights. Few in the industry are questioning loanDepot’s explosive growth since its inception five years ago, but eyebrows have been raised about the anticipated size of the deal. “It’s...
The nation’s largest mortgage investing REIT, Annaly Capital Management, reported a $627 million loss in the third quarter compared to a $900 million profit in 2Q.
Wells Fargo once again ranked first among all GSE sellers with a market share of 15.3 percent in October, almost triple that of the number two ranked Quicken Loans.
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