Two of the most prolific issuers of jumbo mortgage-backed securities this year have offered investors some variety with their latest deals. JPMorgan Chase stocked its deal with older loans while Two Harbors Investment has focused on fresh originations. Last week, Chase issued JPMorgan Mortgage Trust 2015-5. The $489.64 million deal was backed by loans with a weighted average loan age of 28.9 months, according to Kroll Bond Rating Agency. The MBS ...
Nearly two years after facing difficulty selling a jumbo mortgage-backed security, Shellpoint Partners is preparing to issue a new deal. The $269.29 million Shellpoint Co-Originator Trust 2015-1 is set to receive AAA ratings with credit enhancement of 8.30 percent on the senior tranche, according to a presale report from DBRS. The deal includes originations from Shellpoint’s New Penn Financial along with contributions from 30 other lenders. Shellpoint issued its first jumbo MBS ...
Ocwen Financial looks to be close to completing its downsizing through servicing sales that will leave its non-agency mortgage portfolio mostly intact. The nonbank is also working toward being able to acquire servicing again and has plans to boost originations. Ocwen handled servicing on $154.79 billion in non-agency mortgages as of the end of the second quarter of 2015, including subservicing. The unpaid principal balance of non-agency mortgages ...
Fitch Ratings updated its criteria for estimating losses on mortgages in non-agency mortgage-backed securities this week. The main change for jumbo MBS involves the treatment of retail originations by lenders that have not been reviewed by Fitch. Previously, retail originations from such lenders would not receive positive consideration in the calculation for the probability of default. The rating service will now apply the retail benefit to ... [Includes three briefs]
Sellers saw a modest increase in VA loans delivered to Ginnie Mae in the second quarter of 2015, most of which were streamline refinance loans, but FHA definitely took the cake, according to an Inside FHA/VA Lending analysis of agency data. Approximately $39.1 billion in VA purchase and refi loans were placed in Ginnie Mae pools in the second quarter, up 11.8 percent from the prior quarter. Of that amount, $20.9 billion were VA refinances, up 2.1 percent from the first quarter. Some 52 percent of the VA refis were originated in-house while correspondents accounted for 30.7 percent. Brokers brought in 17.3 percent of the securitized VA refi loans. VA purchase loans underlie an estimated $18.2 billion in Ginnie mortgage-backed securities in the second quarter, 48.4 percent of them retail. That number was up 25.5 percent from the previous quarter. VA loan correspondents were busy as well, accounting for ... [ 2 charts ]
A growing number of issuers are engaging in servicing transfers prematurely or making changes to their servicing platforms, causing problems for Ginnie Mae’s monthly pool-level and loan-level reporting. A Ginnie Mae issuer “transfers servicing” when it shifts in-house servicing to a subservicer, moves servicing from one subservicer to another, or relocates servicing in-house. Effective servicing as well as accurate and timely reporting are critical to Ginnie’s mortgage-backed securities program, the company said in recently issued guidance on servicing transfers. The new policy guidance would ensure that issuers have the capacity and oversight controls at all times to meet their obligations under the Ginnie Mae MBS program. Currently, issuers are required to obtain Ginnie’s approval before engaging in any servicing transfer with a subservicer or from one subservicer to another. Effective immediately, any issuer that wishes to ...
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